Futures Close Report 12th May 2020

USDA –  increased supply of US Grains whilst lowering demand due in part to C19 issues.  Wold Soybean endstocks for 20/21 seen at 98.39 million tonnes at the lower end of the range of estimates,  while wheat endstocks wer predicted at 310 million tonnes,  well ahead of analyst estimates,  but not all of this will be in export compatible.

US domestic corn stocks seen largest since 1988 – with  global endstocks for Corn 20/21 seen at 339 million tonnes at the higher end of the estimated range.

Kazakhstan plans to abolish quotas on its exports of wheat and flour as well as all other restrictions on food product exports from June – measures were introduced in March as a response to the global C19 pandemic.