Futures Close Report: 17th July 2017
US Crop quality:
- US Corn 64% good / excellent – down 1 point from last weeks 65%;
- US Soybeans 61% good / excellent – down 1 point from last weeks 62%;
- US Spring wheat 34% good / excellent – down 1 point from last weeks 35%;
- US Winter wheat is now put at 75% harvested.
Major market concern centers around global milling wheat quality and supply following the recent dry conditions in northern hemisphere production areas. Milling Premiums likely to stretch further subject to UK domestic crop quality.
Brazilian corn exports rose sharply in the first two weeks of July as key producing states like Mato Grosso continued harvesting their second planting of the crop, The country exported some 820,000 tonnes of corn in the period, or an average of 81,900 tonnes over 10 working days, representing a 65 percent rise in daily volumes from the comparable period of last year. Brazil has become an increasingly important corn exporter, especially in the second half of the year, with so-called winter corn, which is planted after soybeans are harvested.
