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Futures Close Report 4th December 2018

Brazilian forecaster Celeres forecast for 18/19 Crop production put between 123million and 130 million tonnes – fairly wide estimate,  but given potential El Nino weather threat to some Northern Production Regions during early 2019 the crop is far from being made.   Nevertheless if this production figure is realised it will be a new record for Brazil soybean production.

Ukraine has now resumed grain shipments from the Azov sea which last week was being blockaded by Russia following an escalation in tension within the Black Sea region.

EU Grain trade representatives Coceral cut its estimate of 2018 soft wheat production in the European Union to 128.6 million tonnes from 129.9 million in its previous estimate in September and compared with 141.9 million in 2017.  Maize estimates were raised to 60.5 million tonnes for EU production up from 58.9 million tonnes forecast in September.  Coceral left its estimate of 2018 EU rapeseed production almost unchanged at 19.4 million tonnes, down from 21.9 million tonnes harvested last year.