Futures Close Report: 18th Sept 2017

The European Union confirmed it will lower import duties on Argentine biodiesel following a World Trade Organization ruling.  From Wednesday this week import duties will be cut to between 4.5% and 8.1% from initial rates set back in 2013 at between 22% and 25.7% . Argentina’s industry, which had been the main supplier of biodiesel to the EU, believes it will now be able to sell the product in Europe again at a time when the United States has just set its own measures to restrict imports.

European Union’s crop monitor raised its outlook for 2017 maize yields for the second month in a row.  MARS put EU Maize yields at 6.99 tonnes per hectare up from 6.93t forecast in August.  This was 1.4 percent above the average level of the past five years, although 2.2 percent lower than the 2016 yield.  In oilseeds, the estimated rapeseed yield for 2017 was trimmed to 3.25 t/ha from 3.27 t/ha, but was still slightly above the five-year mean.