Market Report 26th July 2019
Markets edge lower as Global harvest pressure weighs. Sovecon reduce Russian wheat crop to 73.7mmt, down 2.9mmt on their previous forecast. Russian exports estimate for next season reduced by 6.2mmt to 31.4mmt (July USDA 34.5mmt). Soufflet estimate French wheat crop at 38-39mmt, whilst French Gov estimates 37mmt - Strategie Grains suggest 38.2mmt. US funds estimated net long 144k (corn), short -43k (soybeans) and -15k ch+ks wheat). US weekly export sales (old +new crop): 508k