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Futures Close Report 14th August

Argentina has suspended its policy of gradually reducing export taxes for Soymeal and Soybean Oil for a period of 6 months. International shipments of both soy products are currently taxed at 23 percent, lowered gradually from 32 percent in 2015,  By the end of 2019, soymeal and soyoil export taxes will be at 18 percent, it said, compared with the 15 percent rate planned before the suspension.  This move seen as supportive to US Soybean Meal complex.

Brazil forecaster Celeres put their 18/19 Soybean harvest forecast at 119.6 million tonnes up 1% year on year.   Planted area is forecast to grow by 3.1 percent to 36.2 million hectares (89.4 million acres).  They have also put Corn forecast for both crops to a total of 104 million tonnes  which if projections prove accurate will be the first season with corn production in excess of 100 million tonnes.