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Futures Close Report 15th March 2018

Latest estimate for Arg production from Rosario Grains Exchange reduces crop to 40 million tonnes – 14% lower than its previous estimate for 46.5 million tonnes.  For corn the forecast was reduced to 32 million tonnes from the previous 35 million tonnes.    Buenos Aires Grains Exchange currently projects the soy harvest at 42 million tonnes and the corn crop at 34 million.

Importers are buying U.S. corn at the fastest pace since the mid-1990s, according to USDA export data as feed buyers look to procure alternate sources following the production issues in latin America.

Good planting weather in Black Sea areas being reported – fertiliser sales in Russia are up 30% on previous year capitalising on lower prices. Forecast for Russian grain crop so far at around 110 million tonnes – down from record production of 135 million tonnes in 2017.