The wheat harvest is underway in the northern hemisphere, with hot and dry conditions impeding winter wheat yields in several major producing regions, which further confirm an expected decline in global wheat production in 2022. While maize production prospects improved this month, global maize output is also forecast to fall below last year's level. Against this background, and with exports from Ukraine still largely constrained, international wheat and maize markets are expected to stay tight. This means prices will remain volatile and continue to be highly sensitive to daily news on crop development, weather conditions and policy changes. By contrast, global rice production prospects appear strong despite high input prices while soybean output could hit a new record.