Futures Close Report 10th Jan 2019

China raised their corn (maize) production forecast for 18/19 crop year by 20% up to 257.33 million tonnes.  However, this also coincided with an increase in the estimated annual consumption figure to circa 285.28 million tonnes per annum.  Soybean production for 2018/19 was forecast at 16 million tonnes, up from a previous forecast of 15.8 million tonnes. Consumption was forecast at 102.8 million tonnes down by 3% year on year as demand falling partly due to trade dispute with lower inclusion levels of HPS being utilised in feed.