- Location
- UK
- Grain prices recovered today as the USDA revised lower its expectation for production of major exporters of wheat and corn.
- The forecast for Russia's - the world largest exporter - 2018/19 wheat production was lowered sharply to 68.5MT from 72MT last month amid recent dry conditions.
- Despite production declines, global wheat ending stocks were 3MT higher than market expectations at 266.16MT.
- Australia's Abares lowered its forecast for 2018/19 wheat production by 8% to 21.9MT from 23.7 - a caution was given over desperate need for immediate rains. USDA kept their projection unchanged at 24MT, this will likely see a sharp revision lower in the July report.
- In today's GASC tender, Egypt purchased 420KT of wheat (300KT Russian and 120KT Romanian).
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Oilseeds
- French farmers continue to protest over the import and use of palm oil rather than the use of domestic rapeseed in biofuel, as some fuel stations run dry due to blockades.
- USDA kept US soybean production unchanged at 116.5MT vs 119.5MT last year.
- Rapeseed prices were lower in Europe as palm oil values traded lower again having lost nearly 7% in 14 days.
- Global oilseeds demand is still finely balanced on whether the US and China can reach a trade agreement next week.
- ABARES forecasts a drop in canola plantings by Australian farmers by 10% to 2.46Mha.
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Futures & Options prices
