Futures Close Report: 19th July 2017

US Wheat futures move lower on better weather forecast, but rain in Northern Europe ensuring investor caution as wheat is already in / or at the point of harvest across key areas of France / Germany / UK.  The conversation remains focused on wheat quality, particularly for flour milling.

Cumulative EU wheat exports for 2016 / 17 season were 25% lower than in 2015/16 according to data published by the EU commission.  Full season exports were a total of 23.5 million tonnes against 31.5 million tonnes in 2015 / 16.  Expectations for 17/18 exports are at 26.5 million tonnes.

UK Wheat harvest has commenced on light land with combines reported in fields in Cambridgeshire and further South.