Futures Close Report: 1st Sept 2017

Private analytics firm Informa Economics raised its estimate of the U.S. 2017 corn yield to 169.2 bushels per acre (bpa), up from 165.9 a month ago.  Informa also raised its U.S. 2017 soybean yield estimate to 49.4 bpa, from 47.3 last month. The firm estimated soybean production at 4.384 billion bushels and corn production at 14.123 billion bushels.

Strategie Grains lowered its monthly outlook for this year’s rapeseed crop in the European Union by 260,000 tonnes as the German harvest showed poorer-than-expected results.  EU 2017 forecast seen at 21.65 million tonnes which is still some 6.7% above last year’s levels.

Brazilian soy exports hit an all-time high for the month of August,  as many farmers resumed sales after delaying shipments in hopes of securing better prices amid a bumper 2016/17 crop. According to cereals exporter association Anec, Brazil shipped 5.7 million tonnes of the oilseeds last month, about 500,000 tonnes above August 2015, which until now had seen the highest volume for the month yet.