Futures Close Report 13th November 18

Latest forecast from Informa Economics predicts Chinese imports of Soybeans for 18/19 set to fall to 91 million tonnes – that’s a reduction of 3 million tonnes on last year.  Brazil’s market share of this however is climbing sharply, as Chinese buyers continue to avoid purchases of US beans as a result of the ongoing trade dispute.

China reported to be removing import tariffs on animal feed ingredients including soybeans, soymeal and rapeseed from five Asian countries, China is taking steps to reduce its dependence on U.S. soybeans amid the mounting trade dispute between the two.  The main Soybean producer in the area to benefit will be India which grew 11 million tonnes of Soybeans in 16/17 season.  Majority of this is used domestically but circa 2 million tonnes reaches export markets.

US Harvest progress

• Soybeans 88% harvested up from 83% last week  (93% 5 year average);
• Corn 84% harvested up from 76% last week (87% 5 year average);
• US winter wheat planting 89% planted up from 84% last week;
• Generally the pace has slowed, but overall both harvest and planting are closing in on completion.