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Futures Close Report 11th July

China cut its forecast for soybean imports for the 2018/19 crop year, warning that higher prices due to trade conflict with the United States would restrict demand levels, as farmers switch to alternative ingredients for their animal feed.  Imports of soybeans in the crop year that starts on Oct. 1 will be 93.85 million tonnes, down 1.8 million tonnes, or 2 percent, from last month’s estimate from the Chines Ag Ministry.  That compares with its estimate of 95.97 million for the 2017/18 crop year and, according to U.S. government records, would be the lowest import level since 2016/17.

FranceAgriMer estimated France soft wheat stocks at the end of the 2017/18 crop year on June 30 at 3.0 million tonnes, up sharply from 2.6 million projected last month.

FranceAgriMer lowered its estimate of 2017/18 soft wheat shipments outside the EU to 8.2 million tonnes from 8.4 million, in line with market estimates after a disappointing end to the export season partly blamed on the rail disruption.