USA: Futures for wheat, corn and soybeans fell in price on Thursday

On June 20, 2024, wheat complex prices saw a decline across all three exchanges due to traders reducing their weather premiums, influenced by forecasts of hot but rainy weather. The USDA's delay in releasing the annual acreage report and the export sales report has contributed to the uncertainty in the grain market. However, positive developments in wheat harvest forecasts in Russia and Argentina, along with successful spring planting in the US, have eased concerns about crop damage. In international trade, Japan and Thailand have made significant wheat purchases, while Brazil maintains a 18% tariff on US ethanol, facing potential US retaliation. India increases the purchase prices for new crops from farmers to encourage production, and China may implement temporary anti-dumping measures on pork imports from the EU following a investigation. Additionally, soybean futures experienced a decline with expiring options, and China's monetary policy could see changes, as it maintains low lending rates amidst concerns about financial stability.