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Futures Close Report 17th December 2018

US President Trump has authorised a second round of federal support payments to farmers hit by the ongoing trade war, last week’s purchases of Soybeans by China are seen as a token measure and not enough to lift market values for farmers struggling to market their produce. The USDA expects direct payments to farmers under the program to total $9.567 billion, with around $7.3 billion for soybean farmers.

EU has imported 13.15 million tonnes of grain so far in the 2018/19 season, compared with exports of 12.64 million tonnes this makes the EU a net importer for the first time in more than 10 years as the impact of last summer’s drought conditions reduced production across the EU.  Maize imports currently at 9.9 million tonnes, up 41 percent from 7.0 million tonnes at the same point last year.