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Futures Close Report 9th Jan 2019

Brazil forecaster Agrural cut is view of 18/19 season soybean crop down to 116.9 million tonnes from previous 121.4 million tonnes (Nov 18 est)  owing to the impact of dry conditions on the maturing crop in Brazil.  Dry conditions have had more impact on production levels in Southern Brazil with Parana state reduced by 2.5 million tonnes alone.

Egypt purchased Russian wheat in its latest international tender, as competitive supply of grains continue to emerge from Russia, despite analyst forecasts for a slow down in exports; this seen as adding bearish pressure to international wheat markets.  UK domestic markets conversely are supported by the lack of farmer selling.