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Futures Close Report 17th January 2020

Note US markets closed on Monday 20th Jan –  US National holiday – Martin Luther King Day.

Russian wheat export prices have firmed to their highest levels this season (Up $4 / tonne), Egptian demand and threats for export quotas helpting prices higher.

Argentina’s Buenos Aires grains exchange increased its wheat harvest forecast for the 2019/20 season to a large 18.8 million tonnes from an earlier estimate of 18.5 million tonnes. This should provide an exportable surplus of circa 12 million tonnes of wheat, increasing demand in Asia is seen as the likely destination for this wheat currently.