The last USDA report was positive for soybeans and corn, and slightly negative for wheat.
Expectation for the production of wheat in the US increased by 6% from the May data. This is quite a significant increase considering that their previous numbers indicated the excess of supply over demand. Increased productivity not cover even a small increase in exports and use for animals. The only problem is the level of the protein, which in many places is below 9.5%, and in some areas a 30 year minimum.
USDA reduced ending stocks for corn and soybeans due to export growth, which was better than previous forecasts (last week's export inspections for corn totaled 1.7 mln. tons - the biggest in the history of observations). Yet at the end of 2017 MY US corn leave stocks above 2 billion bushels (50 mln. tons) in soybean stocks expected decline to 260 mln. bushels (7 mln. tons). It was also reduced production in Brazil around 3.5 mln. tons to 77.5 million.
The next report will be important data on acreage from USDA on June 30, which include displacement fields planted with soybeans instead maize. This situation may weaken slightly upward movement soy complex. However, currently most influence factor prices are weather conditions that develop unfavorable for crops.