ADMISI London Wheat Report for 10 July

Happy Monday all!

Well, Joe Biden is in the UK today pre Nato summit, having had tea with King Charles today. BOE keeps up their chatter that UK inflation is set to fall ‘markedly’ – by end of the year is the promise although this really will have to be seen to be believed. Thames have had a £750m cash injection. F1 was a decent race yesterday for those of you that follow and England remain in the cricket.

Not tremendously exciting today by all accounts. US weekly wheat inspections have increased by 22% to 419kt to July 6th. Russian exporters have fired up the new exporting year with a reported 1Mmt moved out – a reported 1.265Mmt shown from Russian ports. Ukraine continue to invest in new terminals along the Danube with chatter that they could, very big could, export circa 20Mmt down the Danube – think there are more elements to win over the guys in Constanta than the dredging elements to service larger draft. The French soft wheat harvest was around 14% complete last week versus the 5% on the previous. This is a change from the previous harvest by 1% reflecting the early started to field work after hot and dry weather in the late springtime. UK barley harvest is underway pretty well from all accounts in the south and central UK. Matif wheat was trading marginally lower today with decent volumes and London was trading around unchanged levels for most of the day on Nov-23. Vols weren’t too drastic.

US corn was trading up today. The trade is looking for a 1 to 3% increase in the G/Ex rating today and also weather is showing some beneficial precipitation moving across. CFTC shows that managed money also flipped over to a net short after jettisoning long positions. US weekly corn inspections were down 50% to 341,024t. Soybeans were supported on trade expectations of a major cut in US soybean stocks. Matif rapeseed remained supported in today’s trade.