Futures Close Report 1st August

Concern for yields across Northern Europe as harvest heads north, markets continue to absorb the results of the dry conditions – Germany farmers association DBV expecting to see yields up to 25% below normal. Total production expected to drop to around 36 million tonnes.

Wheat production in Australia’s New South Wales state is expected to drop to around 3.5 to 4.2 million tonnes as compared with the five-year average of 7.1 million tonnes as a severe drought curbs yields.