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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.