Futures Close Report: 29th May 2017

Soybean markets drop to a 13 month low on overnight trading as market participants return after the long weekend.  However, US Corn and Wheat both gained ground.

Russian wheat export prices rose further last week due to concerns that cold and rainy weather in May could hit the quality of the harvest.  SovEcon and IKAR, another Moscow-based consultancy, both said that Black Sea FOB prices for Russian wheat with 12.5 percent protein content rose $1 at the end of last week from a week earlier to $186.50 and $186 per tonne, respectively. Russia exported 32.7 million tonnes of grain, including 25.2 million tonnes of wheat, between July 1 and May 24, according to the latest official figures, that equated to a 1.3 percent rise year on year.