Futures Close Report 29th June

Independent forecast group Strategie Grains cut its forecast for this year’s French wheat harvest by more than 4 million tonnes to 33.2 million tonnes. That was well below other market estimates and last year’s harvest of 36.6 million tonnes.  France has in the past month seen torrential rain followed by a hot spell in recent days, which had raised some concern about possible crop damage, although official crop ratings have declined only slightly.

FranceAgriMer estimated that 74% of soft wheat crops were in good or excellent condition by June 25, down 1% from a week earlier.

Dry, hot weather continues to damage wheat crops in north and east Germany, increasing fears that estimates of the country’s 2018 harvest will be cut further.