Futures Close Report 6th August

Ukraine’s UkrAgroConsult agriculture consultancy sharply reduced its forecast for the country’s 2018 peas harvest to 850,000 tonnes from the previous estimate of 1.1 million tonnes. Export forecasts were also reduced by some 29% to 600k tonnes for the forthcoming marketing year.

French Farm ministry has reduced its Soft  wheat forecast to 35.1 million tonnes down by 1 million tonnes on last month.  Maize forecast was seen at 12.8 million tonnes down from 14.3 million  last year.

US Crop conditions

• US corn 71% good / excellent down from 72% last week (60% last year);
• US soybeans 67% good / excellent down from 70% last week (60% last year);
• US winter wheat reported 90% harvested – spring wheat harvest underway at 19% complete.