Prices 6/10/16

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Corn and soybean futures in the US drifted lower on thoughts that enough harvest progress will be made before storms set in over the next few days delaying any field work. Wheat futures at Chicago found some much needed support from a 260kt US soft wheat sale to Morocco for Dec delivery.
Outside markets found support from higher crude oil prices and talk that supplies will soon tighten to drive values higher still. Crude oil closed at just over US$50 a barrel and gold also finished in the black.

Rapeseed area is up across most regions in the Ukraine with final area expected to be close to 717.5kha, an increase of 145kha on last year. Emergence has been hindered by dry weather but official crop reports are yet to hit the wires.
Drier conditions are also reported across France where rapeseed is trying to emerge and the winter wheat sowing is just starting.

India is expected to increase its domestic support price for chickpeas to ensure there is enough incentive for producers to increase plantings in 2016-17. Basically the adjusted price will equate to about $650/t equivalent local packer price here, could this be a floor.
A reduced wheat crop in Turkey may also see sharply higher import requirements there, possibly up to 5mt of good quality grain.

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