Futures Close Report 21st March 2018

The European Union has removed duties on biodiesel imports for 13 Argentine and Indonesian producers following the end of legal proceedings at the European Court of Justice (ECJ).  For the European Union, the world’s top producer of biodiesel, rising shipments from Argentina and Indonesia threaten to cripple output, particularly after the United States imposed import duties of more than 70 percent. The EU is a producer of biodiesel from oilseed rape crops.

The U.S. Department of Agriculture’s attaché in China put soybean imports in the 2018/19 season at 100 million tonnes, up from 97 million in 2017/18.

Domestic UK:  Farmers are getting stuck into spring land work where possible – merchants continue to report poor engagement levels on farm and wheat continues to travel further afield within the UK to meet with consumer demand.  This is adding additional pressure on price premiums for wheat as deficit areas seek to cast the net wider.