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Futures Close Report 3rd July

Moscow-based agriculture consultancy IKAR lowered its forecast for Russia’s 2018 maize (corn) production to 12.3 million from 12.8 million tonnes due to adverse weather conditions in southern regions.

US based Commodities markets will be closed on 4th July for Independence Day.

International Grains Council (IGC) cut its forecasts for 2018/19 global grains production as adverse weather dented prospects in Russia and the European Union.  IGC put total grains production in 2018/19 at a three-year low of 2.077 billion tonnes, down 12 million from its previous projection issued in late May:

    • Wheat global 2018/19 crop  was reduced by 5.5 million tonnes to 736.8 million, partly reflecting a downward revision for Russia’s production to 70.9 million from a previous projection of 74.5 million tonnes;
    • World Global corn (maize) production in 2018/19 was projected at 1.052 billion tonnes, down three million tonnes from its prior forecast in late May;
    • Global Soybeans production seen rising in 2018/19 by two million tonnes to 358 million, well above the prior season’s 337 million.