Futures Close Report: 16th June 2017

CFTC Data showed that Spec funds cut their short positions in US Corn substantially over the last two weeks,  Wheat and Soybean shorts positions have also been reduced as traders continue to pay close attention to US Weather and yield potential.  Forecaster Commodity Weather Group said that the rain outlook was still very limited in the western Dakota and Montana during the next two weeks, which will hinder development of spring wheat in those areas.

UK crops looking good for the moment although with high heat conditions forecast traders will be looking for any signs of heat stress.  Old crop supply in continues to tighten up resulting in widening of price premiums in areas of lower production as supplies dwindle. However imported wheat is coming in to maintain some cap on this for the moment.