Futures Close Report 26/11/20

• US markets closed for Thanksgiving holiday.
• IGC reduced their global corn crop forecast by 10 million tonnes to 1.146 billion tonnes due to lower crop numbers in the US / Ukraine and EU.
o US down from 373.9m tonnes to 368.5 million tonnes.
o EU cut from 62.6 million tonnes to 60.1 million tonnes
• IGC raised their global wheat production 20/21 forecast by 1 million tonnes to 765 million tonnes.
• Soybean planting in Argentina up 10% points week on week to circa 40% complete, following the arrival of rainfall to aid crop establishment. However, some key areas are still very dry.