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Futures Close Report 3rd May 2018

US Wheat Quality Council crop tour put final forecast for Kansas wheat at 243.3 million bushels (which would equate to the smallest crop since 1989, if realised, owing to the impact of recent drought conditions) supportive to US Futures prices with prices marking the largest weekly gains for some 2 months on Chicago Markets.  Corn prices are being supported by planting delays in parts of the U.S. Midwest following excessive rains.

Heavy rains over recent days in Argentina slowed soybean harvesting in central and southern parts of the Pampas grains belt, while dryness in northern areas allowed rapid harvesting, according to the Buenos Aires Grains Exchange.

Domestic UK old crop is dogged by low liquidity, farmers are preoccupied taking advantage of better weather to complete land work / planting and are holding old crop stocks in the hope of better prices.  Grain is still being hauled long distances mainly from the South and East towards deficit areas of the country.