Futures Close Report 11th June

USDA – Confirmation of market sentiment as USDA figures cut US corn production to a four year low figure of 13.68 billion bushels – this would see corn endstocks for 19/20 at 1.675 billion bushels for US down 23.7% year on year as the impact of the slow planting this year; lower acreage and reduced yield projections all take effect.  Soybean supply forecasts for US were left unchanged. However endstocks were forecast higher, due to lower than expected exports with the ongoing trade war position with China.

Australia has lowered its forecast for wheat production to 21.2 million tonnes well down from its March projection of 23.9 million tonnes as drought across the East coast regions continues to affect production aspirations.