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Futures Close Report 12th July

U.S. soybean supplies were forecast to rise to the highest ever as the trade war with China, the world’s largest buyer of the oilseed, will cut into exports, according to latest USDA figs.  Ending stocks for the 2018/19 crop year seen at 580 million bushels, up from its estimate of 385 million bushels issued a month ago before China imposed tariffs on imports of U.S. soybean

Strategie Grains reduced its estimate of EU 2018 soft wheat production to 132.4 million tonnes from 139.9 million forecast a month ago, now 7 percent lower than last year’s crop of 141.8 million.