Futures Close Report 21/10/21

IGC –

• Increased 2021/22 world corn (maize) crop outlook by 1 million tonnes to 1.210 billion tonnes.   Much of the increase due to US crop seen at 381.5mt up from 380.3mt previously – this is inline with USDA numbers.
• Global wheat production in the 2021/22 season was seen at 781 million tonnes, unchanged on last month.

Soybean oil prices in China have hit a 10 year high, with tight supplies and strong demand, this has helped bolster domestic crush margins which have been hit by low internal values for soybean meal, as pork prices remain depressed due to oversupply.