Futures Close Report: 8th Sept 2017

Egypt is considering rejecting 59,000 tonnes of French wheat purchased by state grain buyer GASC due to the presence of poppy seeds, the second cargo to come under such scrutiny and raising fresh uncertainty over the country’s import policy.  Any uncertainty from the worlds largest wheat importer could certainly unsettle markets.

China’s corn output in 2017 will be higher than previously expected thanks to favourable weather as the grain matures.  According to the latest forecast by CNGOIC, China will produce 212.5 million tonnes of corn, 3.2% lower than last year but 1 million higher than an August estimate of 211.5 million tonnes, as rain in August mitigated earlier drought conditions.