Futures Close Report 8th May  2018

Argentina seeing delays for harvest of their drought hit crop owing to excess rainfall – this is further damaging quality of the crop and notably causing potential for further decreases in crop size.  Current projection by USDA for 17 / 18 crop was at 40 million tonnes – private analytics companies are now starting to factor figures of 37 to 38 million tonnes and that this could be further lowered if quality and pace of harvest continues to be hampered.

USDA’s monthly supply-demand report will be released on Thursday, which will include the US government’s first official forecasts for the 2018-19 crop year.