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Futures Close Report 10th October

Brazil is on track to export a record $100 billion worth of agricultural products this year, this represents a 4.2 % rise from last year and is slightly higher than the previous record of $99.97 billion set in 2013.   Brazil exported 50.9 million tonnes of soybeans to China from January to August, or 78.8% of its total exports of the oilseed, owing to the switch in demand from China as importers seek to avoid US tariffs.  Total exports for the same period last year were 44.1 million tonnes.   Soybeans account for  just under 30% of Brazil’s agricultural trade.

FranceAgrimer have increased their forecast for French soft wheat exports outside the EU as expectations mount that Russian supplies are dwindling.   French exports seen  to non-EU destinations at 8.75 million tonnes, up from its initial outlook of 8.5 million in September and well above 8.1 million in 2017/18.