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Futures Close Report 5th July

Informa Economics revised upward its forecast for the U.S. 2018 corn yield to 176.0 bushels per acre (bpa), from 174.5 bpa previously, and raised its U.S. soybean yield forecast to 49.8 bpa from 49.5 bpa. This projected U.S. 2018 corn production at 14.392 billion bushels and soybean production at 4.425 billion bushels.  On the global front, Informa said it lowered its estimate of Russia’s 2018-19 wheat production to 67 million tonnes, down 6 million tonnes from its previous forecast.

Dry weather across the EU with associated yield loss concerns continue to provide support to EU / UK wheat futures markets.

UK  harvest has commenced for Barley with fields being cut across the South and East.