Futures Close Report 1st Feb 2018

U.S. soybean export sales fell to a seven-month low last week, according to government data released on Thursday, as stiff competition from rival exporter Brazil and concerns over lower U.S. crop quality restricted demand from key buyers such as China.  China specs on Foreign Matter creating issues for US Supplies with concerns centered on weed seeds in soy shipments, but foreign matter can also include dust, insects and pebbles that are picked up during harvest and loading.

FCStone raised its Brazilian soybean harvest forecast to 111.08 million tonnes, up about 1 million from its January outlook and above the USDA’s latest estimate of 110 million tonnes.

Arg forecast cut to 51 million tonnes of Soybeans by Buenas Aires Grains exchange in their weekly crop report owing to the current drought conditions in certain production areas,  – last year Arg production was 57.5 million tonnes.