Futures Close Report: 18th May 2017

The reported condition of French soft wheat declined slightly last week, with 75 percent of crops rated good or excellent as of May 15, down from 76 percent a week earlier. Maize planting was virtually complete for the season at 99%  – 86% of the maize crop was seen in good / excellent condition.

Brazilian currency (Real) has fallen significantly against the dollar as fallout from the latest political crisis continues to grow.  Brazilian farmers are responding by releasing soybean stocks into the market to take advantage of the opportunity (Soybeans being priced in Dollars).  The sales will likely shift the attention of global soybean importers away from the United States.

Rains expected in the coming week in Argentina could delay soy harvesting in some areas and threaten to reduce yields.  A week after raising its 2016/17 soy crop estimate to 57.5 million tonnes from 56.5 million, the Buenas Aires Grains Exchange warned that land already left wet by ample rains earlier this year could get flooded if forecasts of showers in the southern and eastern part of the country’s farm belt are realised.