Futures Close Report 14th September

Russia has increased quality controls on grain exports in response to lower crop quality.  – the markets are very sensitive to any moves by Russia to limit their exports so regardless this will be seen as supportive to the markets.  Some traders said the new controls were excessive and could cause delivery disruptions on signed contracts.

Damage assessment from Typhoon Mangkhut which has hit the Philippines / China over the weekend estimates losses for Philippines rice industry at more than 250k tonnes – this may require the Philippines to import Corn as a result -the government had already planned to import an additional 383,500 tonnes of rice this year, on top of approved purchases earlier this year of more than 1 million tonnes.