Futures Close Report: 20th July 2017

Argentina’s agriculture ministry cut its  forecast for the 2016-17 soy harvest to 55 million tonnes in its monthly crop report published Thursday, down from its previous estimate of 57 million tonnes.  That was primarily due to a larger-than-expected corn planted area,. The estimate for 2016-17 corn harvest was increased to 49.5 million tonnes versus 47.5 estimated previously.

Sterling weakness against both Euro and Dollar increasing the cost of imports  and Euro based commodities (OSR) – ECB have indicated the possibility of Euro interest rate rise in the Autumn.