Futures Close Report 12/01/22
- USDA – increased US domestic soybean production for 2021 harvest – making it the largest on record, due to increased yield. US corn harvest was also the second largest on record.
- For soybeans USDA reduced outlook for Brazil by 5mt to 139mt and Argentina was reduced to 46.5mt from previous 49.5mt – these sharp reductions due to yield reductions / La Niña impact on South American crops.
- FranceAgriMer cut its forecast of French wheat exports in 2021/22, partly due to a drying up of sales to Algeria, and increased its soft wheat stocks projection to a circa 17-year high (3.5mt).