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Futures Close Report Tuesday 22nd May 2018

European crop monitoring service (MARS) reduced its forecast for 2018 Rapeseed yield across the EU to 3.19 tonnes per hectare from previous forecast of 3.33 t/ha.  This is 2.9% below the 5 year average.  This is owing to adverse weather during April flowering period for the crops.

For wheat – Mars cut its 2018 yield forecast to 619 t/ha from last month 6.23 t/ ha; that is still higher than last year by 1.3% and exceeds the 5 year average by 3.6%.

Global markets currently weather focused as dry conditions across US Southern Plains / Canada / Eastern Australia and Southern Black Sea / Russia all point towards potential production issues which are supportive to prices for the moment.