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Futures Close Report 6th December 2018

Statscan estimated Canada’s all-wheat harvest at 31.769 million tonnes, up 6 percent from last year and above the average trade expectation of 31.4 million tonnes. For canola (OSR) 2018 crop was put at 20.343 million tonnes, down from 21.3 million in 2017 and below an average of trade estimates for 20.8 million.  Although this is a lower number for canola broadly speaking supplies are still ample for requirements.

Forecast by Argentina Rosario Grains Exchange points towards 14 million tonnes of soybean exports to China in the forthcoming season if the US trade war with China continues.  Argentina, traditionally an exporter of soybean meal, is finding that soybean exports to China may be more profitable for the forthcoming season.  Particularly as US soybean meal is competitively offered to its usual markets.