The US Department of Agriculture slashed its reported beef export sales for late June by 90 percent on Thursday, acknowledging that the initial figure of 126,062 tonnes was incorrect. The revision to a net 12,064 tonnes came after traders and analysts had widely dismissed the original data as implausible, noting that it included purchases by some countries several times larger than any previous recorded volumes. The error compounds unease about USDA data quality after deep staff cuts under the Trump administration. Trust had already been damaged by a large corn acreage underestimation last year, a delayed trade report, and the omission of tariff-impact analysis from a deficit forecast.

In Argentina, the soybean harvest has concluded at 50.1 million tonnes, the Buenos Aires Grains Exchange reported. The volume is 0.4 percent below the previous cycle but 19 percent above the five-year average, driven by yields that reached 31.3 quintals per hectare—5 percent above the prior campaign. Regional performance was uneven: the northern core zones and the North of La Pampa–West of Buenos Aires region set records, while the southeast of Buenos Aires province fell short of historical averages. Despite the strong output, farmer selling is running at what one private analyst described as a record delay. Only 42 percent of the crop has been commercialised, compared with 52 percent at the same point last year, as growers hold out for better prices and deploy alternative marketing strategies.

In Chicago, grain futures eased for a second session on Thursday as a weather-driven rally lost momentum. Soybeans for November delivery fell 0.9 percent to $11.81 per bushel, corn dropped 0.93 percent to $4.56, and wheat bucked the trend, rising 1.97 percent to $6.19. Forecasts of widespread showers and moderate temperatures across the US Midwest have tempered immediate crop concerns ahead of the critical corn pollination period. Confirmation of fresh US soybean sales to China—472,000 tonnes announced Wednesday, plus an additional 136,000 tonnes on Thursday—provided only limited support, with traders viewing the demand as already priced in. Analysts in Paris noted that a correction was due after the recent sharp gains, and that position-squaring ahead of the USDA’s monthly report was a key factor.

Attention now turns to the USDA’s July World Agricultural Supply and Demand Estimates, due on Friday. Market participants will scrutinise how the agency incorporates its end-June acreage and stocks figures, which included lower-than-expected corn stocks and wheat plantings. The report lands at a moment when the department’s credibility is under particular strain. In Buenos Aires, the grains exchange maintained its national corn production forecast at 64 million tonnes, with harvest 56.4 percent complete and yields running above last year’s levels in several regions.