The US Department of Agriculture's World Agricultural Supply and Demand Estimates (WASDE) report for June has failed to have a significant impact on global grain markets.

With potential yields coming closer to being locked in through the northern hemisphere and investors now firmly looking at the beginning of the northern hemisphere harvest the June WASDE has traditionally been one of the quieter iterations of the report.

Tobin Gorey, of Cornucopia Agri Analytics said there had been a modest drop in wheat futures on the back of the report, primarily due to the USDA not cutting production estimates in the US, which the market was expecting.

However, a large portion of the losses were recovered in a solid 1.1pc gain on Friday, with the Chicago Board of Trade July wheat contract sitting at US531 cents a bushel.

Australian wheat prices remain steady, with a slight drop to around $340/t attributed more to the rain through southern Australia and an end to feeding programs at some stage than international factors.

While the yield estimates were above market expectations, tempering any potential further falls in price was the USDA forecast that projected 2025-26 global ending stocks would come down 3 million tonnes to 262.8m tonnes on the back of reductions for Russia, the US, Iraq, and Turkey.