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Futures Close Report 26th October

Russia’s 2018 grain crop of 109 million tonnes will allow it to export between 38 and 39 million tonnes of grain, including 33 to 34 million tonnes of wheat according to comments made by the Agriculture minister, easing market sentiment regarding export limits for Russian supplies. Russian grain exports are up 17 percent so far in the 2018/19 marketing year.

Australian Bureau of Agricultural and Resource Economics cut its 2018-19 wheat forecast to about 16.6 million tonnes, down from its September estimate of 19.1 million in response to drought conditions.

Egypt purchased a 60k cargo of US wheat in its most recent tender our of a total purchase of 470k tonnes –  supportive to US prices as they hope for more sales to come.

New standards of protein content in animal feed that China announced on Friday will cut the country’s annual soymeal consumption by 11 million tonnes and soybeans by 14 million tonnes, according to a statement from the agricultural ministry.