Futures Close Report: 6th October 2017

Soybean planting in Brazil was 5.6% complete as of Friday, consultancy Safras & Mercado said, down from 10.4% at this time last year, as dry weather for most of September delayed drilling.

The maize harvest under way in the European Union is set to bring sharply contrasting yields as some countries suffer losses from summer heatwaves and drought while others have benefited from rainfall or irrigation.  The mixed prospects have led the European Commission to forecast overall EU grain maize production at about 59 million tonnes, about 1 million tonnes below last year and well short of the average crop over the past five years.  This could keep the EU’s maize import requirements at a high level, with the Commission forecasting near-record imports of 15 million tonnes in 2017/18, though actual imports will depend on overseas supply and maize’s share in livestock feed.