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Futures Close Report  Tuesday 29th May

US Crop Ratings

  • US corn crop – 79% good / excellent up from 65% at the same point last year – corn was 92% planted vs 81% last week and slightly ahead of the 90% 5 year average.
  • US soybeans – 77% planted up from 56% last week well ahead of the 62% 5 year average pace.
  • US wheat – 38% good /excellent up from 36% last week – still well behind the 50% 5 year average as dry conditions have impacted.

US corn crop is off to a cracking start – but good conditions now still have weather risk ahead

United States said it still holds the threat of imposing tariffs on $50 billion of imports from China and will use it unless Beijing addresses the issue of theft of American intellectual property – so the trade dispute still has some chance of escalating.  State news agency Xinhua said China hoped that the United States would not act impulsively but stood ready to fight to protect its own interests.

Brazil truck drivers strike still causing logistical issues and concerns for soymeal exporters and domestic producers alike . Disruption to the supply of animal feed has had a devastating impact on livestock. Some 70 million chickens had been slaughtered as of Monday because producers have no food for them, according to  poultry and pork processing association ABPA.  Soybean exporters are considering declaring force majeure on shipments, a contractual clause that releases them from obligations because of events beyond their control, according to Anec.