Futures Close Report: 23rd November 2017

The International Grains Council (IGC) on Thursday raised its forecast for global corn (maize) production in 2017/18 by 6 million tonnes to 1.04 billion tonnes, in part reflecting an upward revision for the U.S. crop. Global soybean production in 2017/18 was put at 348 million tonnes, unchanged from a month earlier but still below the prior season’s 350 million due to smaller crops in South America’s leading producer.

French maize harvest now complete, soft wheat planting also very close to completion.  96% of emerged wheat was reported good / excellent down slightly from last weeks 97% ahead of winter dormancy.