Prices 7/8/17

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US markets were mixed in overnight trade, wheat was higher in the protein types but lower in the soft wheat’s and feed. Soybeans closed flat to lower and corn futures closed flat to lower. It was a US session that you may be mistaken for thinking got its lead from our local market yesterday. Basically the US weather map is non threatening, the punters think that the spring wheat price is about right considering the headers are rolling in N.Dakota so it looks like the next big influencing factor will be export demand. At these values the US may struggle a little unless the value of the rouble suddenly increases.

There are starting to be real concerns for the southern Saskatchewan crops now with some rainfall charts showing the driest season in 100 years. Most reports from the ground have producers looking at less than average yields but being still 3 – 6 weeks from harvest no one is willing to bet their bank account on the actual outcome. Parts of the durum belt around the SK and Montana border appear to be the driest.
Indian rainfall is close to normal currently but there are a few areas starting to show less than average levels. At this stage those areas of concern are not the main chickpea producing regions.
Argentina has reduced wheat area due to wet weather, production estimates are now back around 800kt on last month.

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