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Futures Close Report 3rd August

Informa Economics raised its forecast for the 2018 U.S. soybean yield to 50.0 bushels per acre (bpa), from 49.8 previously, and left its U.S. corn yield forecast unchanged at 176.0 bpa.

China could cut its import of soybeans by up to 10 million tonnes in response to is tariffs on US soybeans –  use of low-protein formula in animal feed could cut China’s annual demand for soymeal by 5-7 percent, equal to about 5 million tonnes of soybeans.  Whilst switching to other oilseeds such as sunflower and palm seeds could account for an additional 5 mt.