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Futures Close Report 19th March 2018

US wheat lower on the back of some rainfall seen across the US plains, this rainfall was much needed, if only to temper continued speculative fund action.

Australian wheat booked in the latest tender by Iraq – interesting that this was cheapest source on the global market.

Proposals by the EU to put tariffs on US corn imports as a direct response to the US imposing tariffs on EU metals.  Are not thought to be likely to impact EU domestic market greatly.   The EU has imported 368,000 tonnes of corn from the United States from July to mid-March, during the current 2017/18 grains season, EU data shows. That makes up just 3.1% of total EU corn imports, far behind the 5.1 million tonnes imported in the period from Ukraine and 5.0 million tonnes from Brazil.  However alternate sources are under stiff competition.