Futures Close Report: 25th July 2017

Latest Egyptian tender purchased 420k tonnes of wheat – 300k of which was Russian origin with a further 60k of Romanian and 60k of Ukrainian origin.

US Wheat quality council crop tour reporting lower than average yields on their first day of sampling across Minnesota and South Dakota.  Calculated yields for wheat were put at 37.9 bushels per acre – with last year’s figure over the same ground was put at 43.1 bushels per acre. The five year average stands at 45.7 bushels per acre.  Final yield figures will be released on Thursday.  Markets keen to asses impact of the dry conditions which have damaged US Spring wheat.

Analysts Oil World are said to have cut their U.S. soybean production to 113m tons, down 2m tons from their previous forecast and down 4.2m tons from a year ago.