Futures Close Report 5th August

US weather remains dry in many places leading to yield concerns – USDA view on crop quality as follows:

• US corn reported 57% good / excellent down from 58% last week (well below 5 year average);
• US soybeans 54% good / excellent unchanged from last week;
• Winter wheat 82% harvested up from 75% last week, spring wheat harvest just commencing at 2% harvested.

China’s Commerce Ministry said on Tuesday that Chinese companies have stopped buying U.S. agricultural products, and that China will not rule out imposing import tariffs on U.S. farm products that were bought after 3rd August.