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Futures Close Report 28th May 2020

IGC raised their global wheat production forecast for 20/21 by 12 million tonnes to 2.23bn tonnes whilst reducing consumption by 4 million tonnes to 2.218bn – largely driven by improved maize production forecasts for US/China.  Global Grain stocks were seen up 13 million tonnes at 627 million tonnes.

World wheat production was put at 766 milliontonnes up 2 million tonnes on previous, global stocks of wheat were increased by 16 million tonnes to 290 million tonnes.   For soybeans world production seen at 363 million tonnes.  Corn (maize) production seen at 1.169 billion tonnes.

France wheat condition declined over the last week with 56% rated good excellent down 1 percentage point on last week.

Sovecon forecast for Russian 2020/2021 grain exports at 47.4 million tonnes, up 3.9 million tonnes from this season.