Futures Close Report 21st November
IGC forecast that global wheat area will rise by 1% in the 20 / 21 season – to a total area of 218 million hectares. 19/20 crop forecast was left unchanged at 762 million tonnes. For maize IGC raised its 19/20 production forecast by 5 million tonnes to 1.103 billion tonnes owing to higher output from the USA (+3m tonnes to 345m) and Africa.
In France 78% of soft wheat was rated good or excellent in the week to Nov. 18, down from 84% the previous week. Sharp reduction in quality due to heavy rains being experienced across France.