Futures Close Report: 2nd June 2017

2 updated Brazil forecasts with Informa topping the FC Stone numbers for Soy production and vice versa for Corn – detail below:

• Informa Economics, a private analytics firm, on Friday raised its estimate of Brazil’s 2016/17 soybean harvest to 114.5 million tonnes, from 113 million last month.  For corn, Informa estimated Brazil’s 2016/17 production at 96 million tonnes and Argentina’s crop at 40 million tonnes.

• Broker and consultancy INTL FC Stone on Friday revised upwards its forecasts for Brazilian soy and corn production in the 2016/17 harvest cycle   – forecast for 113.2 million tonnes of soybeans this season, up from 111.8 million in the outlook released in May.  Corn production was also revised to 97.6 million tonnes, up from 96.15 million in the last preview.

FranceAgriMer estimated that 75 percent of soft wheat was in good or excellent condition by Monday compared with 76 percent a week earlier.