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Yesterday, London wheat closed down 75p despite sterling weakness, Brexit negotiations stumble on.
US markets were up, an important USDA report is due Thursday, this will focus on production and supply / demand. Corn production will be lower due to present weather pattern; soya yields will be reduced but record area was planted.
Australian wheat crop has been further cut to 22.7-22.8 mmt, last year producing 35.1 mmt.
French soft wheat production is up at 36.78 mmt (+34% year on year), average yields 7.15 t/h. Rapeseed production 5.22 mmt (last year 4.74 mmt) average yields 4.74 t/h. Corn estimated 12.76 mmt (2016 11.71 mmt).
Chinese corn deficit put at 9 mmt (previous 6 mmt) as demand out paces production, however this deficit does not include state reserves which gives some insurance; true situation in China never known exactly.
Malting barley prices remain stable, 55,000t French malting barley destined for China.author: Joe Beardshaw