Call: 0333 777 8522
Get in touch

Futures Close Report  10th May  2018

USDA S&D Report:

  • 17/18 global wheat ending stocks put at 270.46 million tonnes – slightly below trade estimate for 271.13 million;
  • 17/18 global corn ending stocks put at 194.85 million tonnes – slightly below trade estimate for 195.18 million;
  • 17/18 global soybean ending stocks put at 92.16 million tonnes – above trade estimate for 89.9 million.
  • 18/19 global wheat ending stocks put at 264.33 million tonnes – below trade estimate for 269.18 million;
  • 18/19 global corn ending stocks put at 159.15 million tonnes –  well  below trade estimate for 186.35 million;
  • 18/19 global soybean ending stocks put at 86.70 million tonnes – below trade estimate for 90.52 million.

USDA reduced their outlook for Arg soybeans to 39 million tonnes (trade 38.69 million) in the current season owing to the ongoing impact of drought.  Brazil soybean crop seen at 117 million tonnes for the season – (trade 116.24 million).

U.S. soybean exports in the 2018/19 marketing year forecast to rise 10.9% to 2.29 billion bushels  – some areas of trade questioning this figure as it implies that current trade dispute with China will not affect US soybean export potential.  Whilst not specific on the figure – USDA did raise China’s soybean imports by 6.2%, or 6 million tonnes, to 103 million tonnes in 2018/19, nearly matching government expectations for the increase in U.S. soybean exports.