Futures Close Report: 4th July 2017

US Markets closed for the national holiday – all other markets therefore lacking direction and ensuring that risk positions are as neutral as possible ahead of the US re-opening on Wednesday afternoon.

Fundamentals remain the same – Northern hemisphere weather dominates proceedings – Egypt have issued a tender the result of which will be known Wednesday afternoon – which should give wheat some direction,  offers have been invited for origins as follows  United States, Canada, Australia, France, Germany, Poland, Argentina, Russia, Kazakhstan, Ukraine, Romania, Bulgaria, Hungary and Paraguay – certainly a diverse mix so wheat markets will be reviewing the outcome and what it says about the respective competitiveness of EU / Black Sea / US / origins.