Futures Close Report 14th March 2018
IKAR raised its forecast for Russia’s 2017/18 wheat exports to 38.5 million tonnes from the previously expected 37.5 million tonnes.
FranceAgriMer cut its forecast of 2017/18 French soft wheat shipments outside the EU for the 5th month in a row. Lower exports are offset with a higher degree of on farm usage forecast. French Soft Wheat Exports outside the EU for 17/18 season were put at 8.5 million tonnes down 500k tonnes on the previous number. End stocks were forecast marginally lower at 3.17 million tonnes.
FranceAgriMer projected French maize ending stocks at 2.7 million tonnes, down from 2.8 million estimated last month.
U.S. farmers are expected to plant a record 92.104 million acres of soybeans in 2018 (USDA current at 90 million acres) and 88.514 million acres of corn (USDA current at 90.0 million acres), according to an annual survey conducted by commodity brokerage and analytical firm Allendale Inc.