Futures Close Report: 26th June 2017
USDA Crop Ratings:
- US Corn 67% good / excellent unchanged from last week;
- US Soybeans 66% good /excellent down from 67% last week;
- US spring wheat 40% good /excellent down from 41% last week (72% at the same point last year);
- US winter wheat 49% good / excellent unchanged from last week;
- US winter wheat harvest is progressing at 41% to date.
Analysts were expecting to see slight improvements in the Corn and Soybean ratings, so small decline seen as adding market pressure.
Russian wheat export prices have continued to climb for the 6th week in a row based on higher global markets and continued domestic production concerns. Russian Black Sea prices for new crop wheat with 12.5% protein content and for July delivery rose $0.5 at the end of last week from a week earlier to $185.5 per tonne.
