Futures Close Report 21st June

Argentine farmers are expected to harvest 37.2 million tonnes of soybeans and 42.4 million tonnes of corn in the 2017-18 harvest, the Agriculture Ministry said on Thursday, up from prior estimates of 36.6 million and 42 million tonnes, respectively.  Drought has widely disrupted the growing season in Argentina as previously reported.

Reuters forecast for China Soybean stocks at ports hit a record 7.83 million tonnes this week – the largest for 8 years.  The implication being that Chinese buyers have been loading up on Brazil stocks due to trade spat fears with the US disrupting supplies

Wheat production in Russia is expected to drop to 67.4 million tonnes this year, down 21.5 percent from 2017’s record harvest after adverse weather affected both winter and spring crops, according to French consultancy Agritel.