Futures Close Report: 12th July 2017
USDA Monthly S&D:
- US Spring wheat – forecast at 423 million bushels – analyst predicted around 416 million;
- US Winter wheat – forecast at 1.279 billion bushels – at the high end of analyst estimates;
- US Soybeans – USDA surprisingly raised its 2017/18 harvest outlook to 4.260 billion bushels, the high end of market forecasts and 5 million higher than its June estimate. Soybean yields were unchanged at 48.0 bushels per acre;
- US corn crop was put at 14.255 billion bushels, slightly above the high end of analysts’ forecasts. The corn yield outlook was unchanged at 170.7 bushels per acre.
Brazil Corn exports put at 28 million tonnes this season according to Brazilian Government whilst the exporters association ANEC, puts this figure at 30 million tonnes.
Farm office FranceAgriMer raised its estimate of French soft wheat stocks, with an upward supply revision outweighing higher exports within the European Union, confirming the EU’s top wheat grower had maintained ample stocks despite a poor 2016 crop.
In monthly supply and demand data published on Wednesday, FranceAgriMer put French soft wheat stocks, excluding on-farm inventories, at the end of the 2016/17 season on June 30 at 2.8 million tonnes, compared with 2.7 million expected last month.
