Futures Close Report: 17th May 2017

Egypt have adjusted their spec for imports of Wheat raising the protein level, from 12% to 12.5% for Black Sea origins and from 11.5% to 12%. This increase is thought to penalise French exports the greatest as 12% protein will be more difficult to source, but it also increases the potential feed wheat supply as a result.

Forecaster Lanworth updated their US corn / soybean production numbers:

• Corn – the firm put production at 13.997 billion bushels (down from 14.1 billion on April 26) with a yield of 166.9 bpa;
• Soybeans – Lanworth projects a crop of 4.093 billion bushels (down from its April 26 forecast of 4.16 billion), with a yield of 46.8 bpa.