Futures Close Report 24th July

US Trump administration announce a $12 billion support package for Farmers hit with the consequences of the growing trade war with China.  This is meant to cushion the blow felt by many farmers and farm-belt lawmakers, including Republicans. Rural and agricultural states that supported Trump by wide margins in the 2016 election.

Market still focused on prospects for EU Wheat production – strategy grains have again reduced their EU soft wheat  forecast owing to hot and dry conditions to  less than 130 million tonnes from their previous levels of 132.4 million tonnes.   This includes at 2.1 million tonne reduction in German crop forecast.   However conflicting yield forecasts are still being seen between different analysts.