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Futures Close Report 11th September

China released a lower import forecast for 19/20 soybeans with the figure seen at 84 million tonnes for the season, down 900k tonnes on last months estimate, citing impact of trade war and higher domestic output. Worth noting that China also reported their pig herd numbers were down some 32.2% in the last year – largely due to the impact of African Swine Fever.

French exports of soft wheat are projected to increase nearly 14% compared with last season to 11.0 million tonnes, the highest volume since 2015/16 according to FranceAgrimer. French soft wheat stocks at the end of this season were projected to rise by 32% to 3.3 million tonnes, which would also be a four-year high.