Futures Close Report: 29th Sept 2017

USDA Quarterly Stocks:

• Despite strong demand over 16/17 US Corn stocks are at a 29 year high, with Soybean stocks at a 10 year high with a large harvest expected this autumn;
• Soybean stocks are seen rising to 475 million bushels by the end of the 2017-18 marketing year, which would be the third biggest ending stocks figure on record;
• Corn stocks for 2017-18 have been forecast to rise 1.7% to 2.335 billion bushels.

Strategie Grains forecast a decline in EU Oilseed rape area planted for 17/18 following poor planting weather in Germany owing to excess rainfall.  The drop in rapeseed sowings, along with a projected 2% fall in sunseed area to 4.1 million hectares, would contribute to a 1 percent decline in the total EU oilseed area to 12.1 million hectares.