Booming soybean demand from China early this century drove extensive crop expansion across the Americas, but while production is set to swell even further in top exporter Brazil, growth in Chinese imports has cooled.
Early signs of hot, dry weather caused by El Nino are threatening food producers across Asia, while American growers are counting on heavier summer rains from the weather phenomenon to alleviate the impact of severe drought.
U.S. corn is in decent shape early in the growing season, but initial health conditions suggest the crop still must prove itself, especially given the dry forecast ahead.
U.S. Crop Watch corn and soybean fields are in good health heading into June, though the vast majority are in immediate need of rain after a dry couple of weeks.
U.S. corn prices have come under pressure this month amid predictions for a record crop, though a widespread dry stretch expected for the next two weeks has added back some weather premium, especially since drought conditions are already of concern.