Futures Close Report: 4th May 2017

US Wheat markets retreated as weather concerns following US snowfall subsided.  However funds remain short and further northern hemisphere risk remains between now and harvest.

Argentina Soybean harvest has been progressing well over the last week with good weather, 17% progress on the week with 55 % of early planted areas now seen as harvested according to the Buenos Aires grain Exchange.  Yields were left unchanged giving a total harvest estimate of 56.5 million tonnes.

FranceAgriMer estimated that 74 percent of soft wheat crops were in good or excellent condition as of May 1, compared with 78 percent a week earlier and marking a fourth consecutive weekly decline.  Lack of rainfall across much of the EU remains an issue to be watched closely as the cereal crops develop.