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Futures Close Report 30/10/20

Argentina comments by the foreign ministry indicate Chinese interest in increase purchases over the coming year with renewal and increase of their purchase agreement signed in 2018.  The purchase agreement has increased from $1.5 to $2bn dollars from next year, aimed at increasing soybean exports from the current circa 3mt annual to 4mt.  Soybean oil also intended to increase from the current 300k tonnes to around 400k tonnes.