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Futures Close Report 20th  June

Poor crop conditions noted for China which may impact their wheat harvest.  The China National Grain and Oils Information Center, a government think tank, earlier this month estimated that China’s wheat output would drop 3 million tonnes in the 2018/19 season from the year before to 126.73 million tonnes. Trade are working on a revision of this figure further down by between 15% and 20%.

A Brazilian Supreme Court hearing ended with no consensus on the adoption of minimum freight prices and whether such prices should be dictated by the government, Brazil’s National Agriculture Confederation (CNA) said disagreements between grain merchants and transportation companies regarding truck freight prices have caused export delays that have affected exports of 6.8 million tonnes of soybeans and soymeal.