Futures Close Report 1st June

Crop forecast by FC Stone put Brazil soybean crop at 117.4 million tonnes – up slightly from last months estimate of 117 million tonnes – for corn the forecast was put at 78.4 million tonnes down sharply from the forecast of 83.9 million tonnes last month.

Weather forecasts show above-normal temperatures in the U.S. Midwest, particularly later this week, but periodic showers should keep conditions favourable in most areas.

U.S. President Donald Trump unexpectedly toughened his trade stance this week. He called for tariffs on $50 billion of imports from China unless it addressed the issue of theft of American intellectual property.  Beijing warned it was ready to fight back if the U.S. was looking for a trade war.  U.S Commerce Secretary Wilbur Ross will visit the Chinese capital on 2nd and 3rd June.