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Futures Close Report 2nd March 2020

Ukraine Grain Traders Union issued a forecast for 2020 wheat production down 500k tonnes to 25.8 million tonnes previously owing to a fall in planted area.  Another agency ProAgro previously put the forecast at 26.23 million tonnes.

ABARES forecast for Australia production sees wheat production at 21.3 million tonnes – well up (+40%)  on their previous drought afflicted levels.  Australia is still circa 2 months away from their planting season so strictly speaking its guess work at this stage.