While uncertainties surrounding US maize production prospects continue to dominate headlines, attention is gradually shifting to the production outlook for soybeans in the US, where protracted rainfall has also significantly delayed plantings. However, unlike the maize situation, large US stocks and ample South American harvests continue to point to a well-supplied global soybean market in 2019/20. In the meantime, the continuation of trade disputes, notably between the US and China, is likely to remain among the major factors shaping markets.

• Wheat production forecast for 2019 increased slightly, mostly due to upward revision in India more than offsetting a cut in Pakistan.
• Utilization in 2019/20 raised, now up 1.5 percent from 2018/19, supported by improved production prospects and higher use of wheat for animal feed in place of maize.
• Trade in 2019/20 (July/June) points to a rebound from the 2018/19 reduced level, underpinned by stronger import demand in Africa and Asia.
• Stocks (ending in 2020) reduces, largely reflecting lower expected inventories in China and the US more than offsetting the higher forecast for Australia.

• Maize production forecast for 2019 lowered, with a cut in the forecast for China outweigting a notable increase in Argentina.
• Utilization in 2019/20 lowered on slower rise of feed and industrial use, especially in Brazil where more supplies are destined for exports. 
• Trade in 2019/20 (July/June) expected to remain below the estimated record volume in 2018/19 on tighter export availabilities in the US and reduced import demand, especially in the EU.
• Stocks (ending in 2020) expected to fall well short of their opening levels despite upward revisions in the EU and the US.

• Rice production in 2019 lowered fractionally, as reduced expectations, mainly for the US, are partly compensated by improved prospects for Egypt and several other countries.
• Utilization in 2019/20 still expected to expand by 1.4 percent supported by greater food intake.
• Trade is contracting by 3.1 percent in 2019 before rebounding to an all-time high in 2020.
• Stocks (2019/20 carry-outs) trimmed, primarily reflecting lower expected inventories in the Philippines and the US.

• Soybean 2019/20 production forecast lowered, pointing to a modest y/y drop, with downward adjustments this month for the US and Argentina only partially offset by upward revisions for Brazil.
• Utilization in 2019/20 trimmed somewhat, but still expected to expand in 2019/20 after a stagnation in 2018/19; consumption prospects in China and Argentina reduced since last month.
• Trade forecast for 2019/20 lowered marginally on expectation of smaller purchases by China; but growth in world trade still projected to resume after the 2018/19 decline. 
• Stocks (2019/20 carry-out) raised slightly, with upward corrections for China more than offsetting lower forecasts for Argentina and the US; while falling somewhat, global carry-out is seen remaining at historically high level in 2019/20.