Brazil – Agroconsult forecast 18/19 Soybean production at 118 million tonnes – an increase of 1.6 million tonnes from last months forecast of 116.4 million tonnes.
Chinese trade purchased a further 1.5 million tonnes of US Soybeans announced as US / China trade talks continue. Markets appear to see this as supportive with US futures up overnight, but there is still a lot of stock remaining in the US.
Argentina’s 2018-19 corn harvest forecast at 46 million tonnes, according to the latest forecast from Bueanas Aires Grains Exchange. Higher-than-expected yields being reported allowing an increase of 1 million tonnes over the previous forecast. Around 12% of the crop has been harvested so far. Arg Soybean harvest was also underway but only a modest 1.6% progress reported to date.
Markets focused on USDA plantings data due out Friday PM. With heavy US Stocks of Soybeans in the US, market is acutely aware that further oversupply will be price detrimental. However Corn end stocks for the US are seen at a near 3 year low and therefore the results of the planting intentions may carry more weight in the US Corn market.