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, with modest trading volume
The USDA Economic Research Service raised the U.S. sugar use projection by 126,000 STRV (Short Tons, Raw Value) to 12.515 million STRV, due to increased deliveries for human consumption
According to the Business Standard, India, once the world’s second-largest sugar exporter, is now expected to have limited surplus sugar available for overseas markets for at least the next few seasons due to rising diversion of sugarcane toward ethanol production and the growing risk of weaker cane output under El Niño conditions
According to MarketScreener, sugar output in Brazil's key center-south sugar belt fell 25.62% to 2.2 million metric tons in the second half of May versus the year-earlier period, data from industry group UNICA showed on Monday

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 97% in North Dakota, 98% in Montana, 96% in Minnesota, 55% in Colorado, 73% in Nebraska and 78% in Michigan
The latest round of USDA-posted weekly cash offers were 11%-13% 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 nearing completion for the fourth quarter
U.S. planted rice acres have fallen to levels not seen since the 1970s, prompting a steep drop in projected harvests, particularly in the critical Arkansas and Missouri regions, according to analysts
According to Reuters, Indonesian farmers are racing to plant rice before El Niño hits. The region is already contending with abnormally dry weather, and the nation’s agriculture minister has urged regional governors to work with farmers to speed up rice planting
Spot rice futures turned sharply higher this week

The wheat markets were lower this week
Ongoing weakness in the corn market and renewed strength in the U.S. dollar were both negative factors for the wheat markets this week, according to analysts
According to the weekly crop conditions report released by the USDA on June 22, the winter wheat crop is rated 26% good-to-excellent, down from 27% the prior week, and below the 49% rating at this time last year, with harvesting 40% complete, up from 25% the previous week and above the five-year average of 24%
According to the weekly crop conditions report released by the USDA on June 22, the spring wheat crop is rated 54% good-to-excellent, down from 55% the prior week, but the same as the 54% rating at this time last year
U.S. wheat prices remain very uncompetitive to non-captive destinations for export, according to analysts
According to MarketScreener, Sovecon agriculture consultancy has lowered its 2026 wheat crop forecast for Russia to 88.9 million metric tons, down from 90.3 million tons, following a cut to its planted-area estimate