Futures Close Report 12th March 2018

US wheat condition on the plains has been downgraded again by USDA with Kansas being rated at 12% good / excellent down 1% point on last week.  Adding further confirmation to markets that the US weather situation is very poor in places. Winter kill owing to lack of snow cover, and low soil moisture conditions are the main reasons. All of which is adding support to US wheat futures.

Analysts are now starting play down any chance of recovery for Argentina soybean yield this year as dry conditions continue.  Any rains that now arrive will have little effect on crop yields and are only likely to cause more disruption for harvesting.