Futures Close Report 12/05/21
- US corn ending stocks slightly above market estimates, helping temper prices – whilst soybean end stocks were broadly in line with trade expectations.
- Brazil corn crop forecast lowered to 102 million tonnes from previous 109 million tonnes, (Brazils Conab put this figure at 106.4 million tonnes in their latest estimate).
- Projected increase of 4.5% in corn use for US ethanol production to meet new US green fuels blending targets.
French cereal stocks – quoted at multi year lows by France Agrimer.
- Maize end stocks at 1.9 million tonnes down from April forecast of 2mt and the lowest since 2006/7 season.
- Wheat end stocks seen at 2.6 million tonnes down from 2.7 million tonnes seen last month.