Futures Close Report 19th Sept 2017

USDA reported crop condition and harvest progress:

• US corn was 7% harvested up from 5%  last week and slightly behind the 5 year average pace of 11%;
• US corn was seen as 61% good / excellent;
• US soybeans 4% harvested in line with last year’s progress and just adrift of the 5% five year average;
• US soybean crop was seen as 59% good / excellent.

Egypt purchased 175k tonnes of Russian wheat in its latest international tender – indicating that Russia still has the edge on the markets as they seek to place their large harvest.

Stats Canada reported a decline in wheat production by 14.5% compared to 2016 – partly based on satellite and data modelling.  Statscan said the lower overall wheat yield was due to very dry conditions in the south central region of the Prairies.