Futures Close Report 28th Feb 2018

U.S. wheat prices rose to roughly seven-month highs on Tuesday as low crop ratings reported across several US States – the concern is that ongoing dry conditions seen in the US are causing damage to the over wintering plants.  US will resume weekly crop progress reports in April as the crops, at this stage there is still plenty of time for recovery however market is seeing the risk more as an opportunity.

CBOT soybean meal remains ferocious at the moment as dry conditions continue to reduce production expectations for Argentina soybeans.  2 week forward forecast remains poor.