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Futures Close Report 18th March 2019

EU Crop Monitoring Agency (MARS),  forecasting higher yields for cereal crops for 2019 harvest.  The soft wheat yield in the EU was projected at 6.04 tonnes per hectare (t/ha), up 7.4 percent from 2018 and 1.7 percent above the average of the past five years.  For EU OSR yield was estimated at 3.19 t / ha up circa 12% of 2018 but below the rolling 5 year average yield.

Export data from Brazils Safras y Mercado put soybean exports for 2019 at 70 million tonnes, well below the 2018 figure of  83.86 million tonnes. Total soy offer in Brazil in 2019 at 115.85 million tonnes and total demand at 115.65 million tonnes, leading to a low carry figure for end stocks at 200k tonnes.