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Futures Close Report 12th December 2018

China reported to have made their first large purchase of US soybeans (1.5 million tonnes) as progress on trade talks between the two nations continue.  These may be interpreted as conciliatory gestures as the 90 day suspension of tariff increases continues.  Chinese import tariffs still stand at 25% on the US soybeans, the purchaser of US product was done by companies in Chinese State ownership.

FranceAgriMer increased marginally its outlook for 2018/19 soft wheat exports outside the EU to 8.8 million tonnes from 8.75 million previously.  French stocks of soft wheat were also forecast to increase to 2.7 million tonnes on diminished demand.