Futures Close Report: 9th October 2017

The European Union has reduced its import tariff on maize, sorghum and rye to €5.61 ($6.60) per tonne from €10.95 previously.  The reduced tariff takes effect from Tuesday.  The EU had reintroduced tariffs on maize, sorghum and rye in August, ending a near three-year period of duty-free imports for the cereals, in response to a sharp fall in international prices.

French farm ministry raised its forecast for this year’s grain maize crop to 13.0 million tonnes from 12.75 million last month, putting the crop 11.4 % above 2016 harvest.

Brazil farmers have sold up to 14% of 17/18 soybean production.  This is slightly behind the 22% sold estimate at the same point last year, according to analysts Safras y Mercado (5 year sold average is 26%).  It was also estimated that 20 million tonnes of last year’s crop remains unsold.