Futures Close Report: 19th April 2017

Argentine farmers are expected to plant 5.5 million hectares with wheat and harvest 17.5 million tonnes in the upcoming 2017-18 season compared with 16.3 million tonnes in 2016-17 according to Buenos Aires Grains Exchange, plantings increased as a result of government abolition taxation on Corn and Wheat exports.

UK markets are absorbing the latest increases in the value of sterling which could affect the balance of supply for the remainder of the crop year as wheat imports become more competitive.