Futures Close Report: 26th July 2017

Day two of the US Wheat Quality Council crop tour reported lower than average yields with 35.8 bushels per acre.  Last year’s day 2 yield was 46.9 bushels and the 5 year average is 46.6 bushels per acre.  US weather conditions remain very focal to the markets as both US Soybeans and Corn are now in crucial development phases.

South Africa will harvest 15,969 million tonnes of maize this season, the biggest crop on record after improved weather conditions across the maize belt.  This forecast by the government crop estimates committee is higher that recent forecasts issued by both analysts and traders for 15.7 million tonnes.  However, 2017 harvest is looking like it will be double that of last season following the El Niño triggered drought conditions.