Futures Close Report: 19th October 2017

Argentina Ag Ministry put out a forecast for 5.2% increase in Maize (Corn) planting for the forthcoming season. Farmers on Argentina’s vast Pampas grains belt are expected to sow 8.92 million hectares (22 million acres) with corn, up from 8.48 million hectares (21 million acres) in the 2016/17 crop year. An increase in output from one of the world’s top three corn exporters would add to a global grains glut, with supplies elevated following good weather, increasingly high-tech farm practices and tougher plant breeds.

Latest Egyptian international wheat tender has again been filled with Russian supplies – 230k tonnes, which remain the most competitive origin.

Informa Economics lowered its forecast of U.S. 2018 corn plantings to 90.460 million acres, from 91.880 million acres.  The firm raised its U.S. 2018 soybean plantings forecast to 90.347 million acres, up from its month-ago projection of 89.057 million acres.

French farmers had harvested 56%of this year’s grain maize crop by Oct. 16, up from 28%reported by FranceAgrimer last week.  Soft wheat planting for next year was 47% complete, up from 20% last week.