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Futures Close Report 29th March 2019

In its quarterly stocks report, the USDA estimated US corn supplies as of March 1 at the third largest on record, wheat stocks were the second-largest in 31 years and soybean stocks were the largest ever.  USDA confirming the impact of trade war with china in no uncertain terms, however with a background of extensive flooding across some regions in the US the stock position could quickly erode subject to damage.

US planting intentions has US farmers planning to plant 92.792 million acres of corn and 84.617 million acres of soybeans this spring.  Corn acreage was circa 1.5 million acres higher than market expectations = Bearish.

The European Commission raised its forecast for European Union 2018/19 wheat exports to 19.0 million tonnes from 18.0 mln t forecast last month. the Commission also increased its outlook for EU maize (corn) imports in 2018/19, to 21.0 mln t from 20.0 mln  t seen previously.  For 2019/20 season, estimate was unchanged with wheat exports of 25.5 mln t and EU maize imports of 15.5 mln t.