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Futures Close Report 5th March 2018

UkrAgroConsult on Tuesday raised its forecast for Ukraine’s 2018 wheat crop by 4.8% to 26.3 million tonnes mostly due to a larger harvested area. The consultancy said in a statement the higher output would allow the country to export 17 million tonnes of wheat in the 2018/19 crop season.

Australia’s 2018/19 wheat crop is expected to rise 11.8% from the previous season. ABARES put the forecast at 23.7 million tonnes despite a small drop in plantings – this is up from 21.2 million tonnes produced last year.  Australian canola (OSR) production during the 2018/19 season will total 4 million tonnes, up from 3.7 million tonnes produced last year.

International trade tensions could disrupt China’s massive imports of U.S. soybeans – with US and China currently posturing around US Import tariffs – Ag markets will be watching closely for any widening into a more encompassing trade dispute.