Futures Close Report: 19th June 2017

USDA Crop Ratings:

• US Winter Wheat – 49% good / excellent down from 50% last week and 61% at the same time last year;
• US Spring Wheat – 41% good / excellent down from 45% last week and 76% at the same time last year;
• US Corn 67% good / excellent unchanged from last week (75% at the same time last year);
• US Soybeans 67% good / excellent up from 66% last week (73% at the same time last year);
• US Soybeans were reported 96% planted up from 92% last week. So more or less all complete.

With crop conditions declining in the US Chicago markets continue to find support as dry weather continues to be a concern for market participants.

Russian wheat export prices have risen for a fifth week on the back of higher global benchmarks and due to a possible late arrival of the domestic harvest after rainy weather in the spring.