Futures Close Report: 2nd November 2017

French maize harvest reported as 89% complete up from 76% last week and well ahead of last year’s pace.

Chinese imports of oilseeds are forecast to grow to a record 99.8 million tonnes in 2017/18, up 1.3 million tonnes from the prior season, according to a report issued by the USDA’s attaché in China.

UN FAO put global cereal production at 2.613 billion tonnes slightly above last years record.  However, their forecast for global wheat was lowered by 1% to 752.8 million tonnes on account of smaller US harvest and expectations for a decline in Australian production.