Futures Close Report: 12th May 2017

Analytics firm Informa raised its forecast of U.S. 2017 soybean plantings to 89.662 million acres, above the USDA’s March figure of 89.5 million acres.  For corn, Informa Economics lowered its projection of U.S. 2017 plantings to 89.7 million acres, trade sources said, below the USDA’s March 31 figure of 90.0 million acres.

In its weekly crop report, FranceAgriMer estimated that 76 percent of soft wheat crops were in good or excellent condition as of May 8, compared with 75 percent a week earlier, breaking a run of four weekly declines.

Weather forecast remains in critical focus for cereal markets across Northern Europe a wetter forecast spreads through.  Participants will be looking to see if adequate rain has fallen over the coming days to ensure that soil moisture conditions have improved to support cereal crops which are now starting to enter key growth stages.