Futures Close Report 22nd April

China launches purchases of US soybeans as prices hit 11 month lows – press reports are putting this as the start of the wave to hit their requirements under phase 1 trade deal. But sources also indicate that China is boosting its state reserves.

Late season dry conditions in Brazil leading to cutbacks by forecasters in soybean crops –  Agrural reduced forecast by circa 2%. Brazil’s soybean crop is nearly all harvested but yields are being seen lower than initial expectations in the later harvested states.