Dry Commodity Trends

U.S. cash traders reported that bulk sugar price offers for the 2026-27 crop remain firm for both beet and cane sugar this week
According to The Business Standard, the India Meteorological Department forecasts a weaker monsoon for most parts of the country this year caused by El Nino, bringing the lowest rainfall in 11 years, which analysts say could potentially impact their total sugar output
According to Reuters, Mexico's sugar industry is pushing for the United States to eliminate limits on U.S. imports and is working on a potential anti-dumping case against U.S. fructose should talks on the issue fail, industry representatives said
According to Trading Economics, Unica, the Brazilian Sugarcane Industry Association, reported a strong increase in sugar production in Brazil’s key Center-South region, with output rising 109.48% year-over-year to 1.8 million metric tons in the second half of April

Domestic dry bean end users have completed their Q3 coverage needs and continue to assess Q4 offers, according to this week’s updates from cash dealers
According to the weekly Crop Progress Report from the National Agricultural Statistics Service, the percent of the dry edible bean crop planted is 37% in North Dakota, 61% in Montana, 52% in Minnesota, 12% in Colorado, 5% in Nebraska and 2% in Michigan
The latest round of USDA-posted weekly cash offers were 10%-12% lower than last year’s levels for the spot position delivered to the warehouse for most dry bean varieties

U.S. cash dealers report that domestic bookings of milled and industrial rice are now stretching into the fourth quarter
The USDA forecasts a 15% drop in 2026/27 U.S. rice production due to 17% reduction in harvested area, offset by a 3% increase in projected yields
According to Reuters, India's rice exports in the first four months of 2026 fell marginally from a year earlier as the U.S.-Israeli war with Iran disrupted premium basmati variety shipments to Gulf markets, two government officials said
·Spot rice futures are approximately 20% higher than they were at the beginning of the year

The wheat markets were lower this week, with the spot Kansas City futures now down 16% since May 13
Per the USDA’s May 2026 Wheat Outlook, U.S. wheat ending stocks in 2026/27 are projected to fall 18% from 2025/26, and winter wheat production is forecast to be the smallest since 1965/66 due to declining area and significant, widespread drought
According to the weekly crop conditions report released by the USDA on June 1, the winter wheat crop is rated 26% good-to-excellent, the same as the prior week, and below the 52% rating at this time last year, with harvesting 5% complete compared to the five-year average of 3%
The USDA reported that the U.S. spring wheat crop was 94% planted, up from 86% the previous week and above the five-year average of 89%, while its initial weekly spring wheat crop rating came in at 47% good-to-excellent compared to 50% a year ago
U.S. wheat prices remain very uncompetitive to non-captive destinations for export despite the recent price decline, according to analysts
According to Reuters, Australia's upcoming wheat harvest will be the smallest in three years, as high fertilizer costs and dry conditions in some areas reduce planting and yields, the government said