Futures Close Report 16th July

USDA reported US Crops as:
o Corn 58% good /excellent up from 57% last week – better than market expectations;
o Soybeans 54% good / excellent up from 54% last week;
o Spring wheat 76% good / excellent down from 78% last week – winter wheat was 57% harvested.

Brokerage firm FC Stone forecast for Brazil corn production seen at 99.7 million tonnes up from 98.2 million tonnes forecast in June – Brazil exports were forecast up 2 million tonnes to 35 million tonnes for the year.