Futures Close Report 9th September

A decline in US corn ratings from 58% good / excellent to 55% good /excellent over the last week provided support for US markets. US Soybean rating unchanged at 55% good / excellent.

Australia reduced its production estimate for wheat by circa 10% to 19.2 million tonnes (10 year average production is 24.7 million tonnes).  Poor growing conditions in New South Wales and Queensland resulting in projected national yield reduction.