Futures Close Report: 3rd May 2017

Informa Economics, a private analytics firm, projected 2017 U.S. winter wheat production at 1.326 billion bushels, up 41 million bushels from their forecast in April for 1.285 billion bushels.  The forecast compares with the U.S. Department of Agriculture’s 2016 production figure of 1.672 billion bushels.

EU slightly reduced its wheat production estimate from 142.2 million tonnes last month to 141.9 million tonnes, for Maize production was reduced from 66.6 million tonnes to 66.5 million tonnes and OSR was reduced to 22.2 million tonnes down from the previous 22.55 million tonnes estimated.

Russia will resume grain exports to Turkey within the next few days after resolving issues with Ankara that had been restricting supplies, according to Russian Deputy PM.  Turkey, traditionally the second largest buyer of Russian wheat after Egypt and the top buyer of its sunflower oil, imposed what Moscow regarded as prohibitively high import tariffs in March.