Futures Close Report: 16th November 2017

FranceAgriMer on Thursday lowered its forecast of French soft wheat shipments outside the EU in 2017/18.  France, the European Union’s biggest cereal producer, has been facing strong competition overseas from Black Sea grain suppliers such as Russia, reducing its export prospects despite a much improved French harvest this year.  In its latest forecast France Agrimer cut wheat exports to non-EU countries in the 2017/18 July-June season from 10.2 million tonnes to 9.9 million tonnes.

FranceAgriMer raised its outlook for soft wheat stocks at the end of the season to 3.3 million tonnes from 3.2 million – on the back of the reduced exports.

For Maize stocks were forecast at a 3 year high of 2.7 million tonnes as increased production and reduced intra EU shipments contribute.    The estimate of the maize harvest, which is in its final stages in France, could be revised upwards further given that market participants were putting the crop at 13.4-14.2 million tonnes.

Private analytics firm Informa Economics raised its forecast of U.S. 2018 corn plantings to 91.415 million acres (USDA 90.4ma) , from 90.460 million acres previously, for U.S. 2018 soybean plantings were  forecast at  89.627 million acres (USDA 90.4ma), down from last month’s forecast of 90.347 million acres.