Futures Close Report 18th October

U.S. Department of Agriculture reported export sales of U.S. soybeans in the latest week at 295,600 tonnes, below a range of trade expectations. The figure included cancellations of 694,400 tonnes of soybeans sold to unknown destinations.  This appears to be Chines buyers switching their origins to avoid tariffs on the US imports.   China’s soybean imports are set to drop by a quarter in the last three months of 2018, their biggest fall in at least 12 years as buyers curb purchases amid the Sino-U.S. trade war and high domestic stockpiles.   Early 2019 is still felt to be the crunch point for China, as supplies dwindle. But China is downplaying the situation with recent comments by Chinas Ag Ministry indicating that Soybean supply is still ample.

Planting area for Argentina’s 2018-19 soy crop is seen at 17.5 million hectares according to Ag Minisrty – 2017 /18 area was 17.2 million tonnes.

French Maize harvest reported as 70% complete by FranceAgriMer – Wheat planting was reported as 32% complete.