Futures Close Report: 31st July 2017

Forecast for France rapeseed yield to match or exceed 2009 record figure of 3.8t / ha. Terres Inovia’s estimate confirmed reports of strong yields cited by analysts and traders during this summer’s harvest, well above the farm ministry’s 3.2 t/ha forecast made at the start of the harvest.  Good yields should go a long way to offset the 7% drop in planted area seen for this year’s crop.  Oil levels were also reported in the 42.5% to 44% bracket.

US Crop Conditions – USDA reported:

• 59% of Soybeans in good / excellent condition up 2 points from last week and better than market expectations;
• 61% of Corn in good / excellent condition down from 62% last week slightly behind market expectations;
• US Winter wheat was 88% harvested and spring wheat reported as 9% harvested.  Spring wheat condition was put at 31% good / excellent down from 33% last week.

Rainy forecasts across Northern Europe starting to cause harvest delays and concerns over the risk to milling wheat quality – Germany in particular.