Futures Close Report 24th September

Pace of Russian exports has slowed as impact of tougher quality control regime at ports takes effect.  A strengthening of the Rouble is also starting to make Russian prices less attractive to foreign buyers.

Ukrainian grain exports to China fell by around 40 percent in the first two months of the 2018/19 July-June season due to high prices and reduced demand. Ukraine exported a total of 426,500 tonnes of various grains to China so far this season versus 720,700 tonnes in the same period in 2017/18.

USDA Crop Progress / Harvest:

• US corn 16% harvested up from 9% last week (11% 5 year average pace)  69% of US corn reported in good / excellent condition up 1% point from last week;
• US soybeans 14% harvested up from 6% last week  (8% 5 year average pace)  US soybeans were reported 68% good / excellent condition up !% point from last week;
• US winter wheat 28% planted up from 13% last week  (26% 5 year average pace).