Futures Close Report 17th June

Brazil – Agroconsult increased their forecast for corn crop from 100.4 million tonnes to 101.2 million tonnes. 2019 / 20 soybean exports were put at 70.5 million tonnes up from 67 million tonnes forecast in March. Corn exports seen at a record 38 milion tonnes for the same period.

US reported soybean crushing pace well below trade estimates for last month. 5% reduction year on year, adding pressure to US stocks.

US Planting
o Corn 92% planted up from 83% last week. Crop rating unchanged at 59% good / excellent condition.
o US Soybeans 77% planted up from 60% last week – slightly behind analyst expectations for 79%. Condition ratings should be published next week.