Early wheat production in Argentina are forecasts at a record 21.2 million tonnes.
Moscow's leading agricultural consultancies, SovEcon and IKAR downgraded its production and export estimates last week.
Wheat futures were catapulted last week after the US Department of Agriculture (USDA) surprised the market when releasing its production and end stocks numbers
With African Swine Fever (ASF) reducing the pig population, feed grain demand in the country has fallen.
Ongoing rain during June - following the second-wettest May on record for the US corn belt - has delayed or prevented corn planting and challenged yield potential.
The past week has provided much of the same with small isolated falls up to 5 millimetres occurring across southern NSW.
In Australia, two of the key drivers of local weather and climate variability are the Indian Ocean Dipole and the El Nino Southern Oscillation.