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Futures Close Report 29th January 2018

US Winter wheat condition ratings declined in Southern US plains owing to low moisture – Kansas and Oklahoma are abnormally dry.  Farmers in these regions usually produce hard red wheat which normally used in bread flour.   Weekly crop progress reports from the US do not resume until April.  Markets see this as supportive with shorts covering in positions.

UK Domestic premiums remain robust as wheat continues to flow to deficit areas.  However, merchants are reportedly seeing better levels of fresh origination from farms.