Futures Close Report 31st July

US Crop Condition

• US Corn 72% good / excellent unchanged on last week
• US Soybeans 70% good / excellent unchanged on last week
• Winter Wheat was 85% harvested up from 80% last week.  Spring Wheat was reported 4% harvested.

Concerns over US China trade with rumours of US intentions to escalate tariffs of 10% to 25% on $200 billion worth of Chinese imports to the US.

Ukraine have harvested around 17 million tonnes of wheat from 76% of their planted area with around 10 million tonnes of this making milling wheat grade.  Total grains exports including maize are expected to remain around 40 million tonnes for the next season.