Futures Close 13/04/22

China – March soybean import figures reported at 6.35mt tonnes – down 18% year on year – cumulative imports for the year to date (Jan 22 – March 22) now at 20.28 million tonnes down 4.2% year on year.  This is largely due to slow pace of harvest in Brazil – domestic prices in China are being cooled by the expectation that arrivals will ramp up of the next couple of months.

Wheat prices – well supported yesterday – concerns over Ukraine / Russia war escalation (chemical weapons) plus – US drought conditions, despite improvement in wheat condition reported and lower wheat areas forecast in France as farmers respond to high oilseed prices.