Futures Close Report 8th August

German farm co-op have put their 2018 harvest at its lowest in 24 years following the drought issues over the growing season.  The grain crop will fall 20.3 percent to some 36.3 million tonnes, the smallest since 1994.  Harvesting in Germany is nearing completion.

Markets looking to Fridays USDA supply and demand report for update US crops.  US Weather is currently forecaster warmer and drier causing some concerns for US Soybeans across parts of the US Midwest.   Chinese domestic prices for Soybeans are also increasing sharply which is fueling speculation that China may be about to purchase US soybeans despite the current trade tariffs that have been imposed due to the ongoing US / China trade dispute.