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Futures Close Report 10th May 19

China forecast a 7.9% increase in their 2019/20 soybean production estimate with circa 17.2 million tonnes expected.  This is the largest forecast since 2004.

Latest forecast from USDA reinforces bearish sentiment for US values, but US China trade fallout continues to cloud the issue.   USDA confirmed the expectation for large US Stock position – corn being the highest end stock in 32 years.