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Futures Close Report: 15th December 2017

Informa increased US 2018 planting forecast for Soybeans at 91.387 Million acres potentially a record high,  at the same time corn planting forecast wea reduced to a projected 89.67 million acres.   Wheat plantings were also forecast down to 31.093 million acres from last months 31.923 million acres.  Informa put the 2017 soybean yield at 49.7 bushels per acre, up from the USDA’s last figure of 49.5. The firm put soybean production at 4.450 billion bushels, compared with the USDA’s estimate of 4.425 billion.

Market attention turning from Arg weather to domestic US – dry conditions and late planting of wheat have lead to concerns over frost damage to wheat areas on the southern  US Plains.