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Futures Close Report 7th March 2018

China’s soybean imports dropped 2.2% in February from the year before to 5.42 million tonnes.  China, the world’s top soybean importer, buys 60% of the commodity traded worldwide to crush into soymeal used in animal feed.

All markets keenly awaiting USDA supply and demand report due for release on Thursday afternoon.

Pace of wheat exports from France outside of the EU remains slow – currently forecast at 9 million tonnes for the current year (June – July) with current exports so far at circa 5 million tonnes it would infer that France would have to increase their monthly exporting volume to 1m tonnes per month to have a chance of hitting the forecast.  Private forecasters see the final export volume closer to 8 million tonnes for the season.