Written Commentary
London Wheat Report
Red screens across the ags complex on technical selling and benign weather conditions across the majority of northern hemisphere crops. London was no exception finishing weaker across the curve with the Nov/May spread widening by 50p whilst Matif did largely the opposite on Dec/May though also closed broadly lower.
The EU commission report soft wheat exports for 2025/26 had reached 21.47 mmts by May 31st, up from 20.27 mmts the previous season. Barley exports were 8.43 mmts, vs 4.60 mmts in 2024/25, while EU maize imports were at 16.69 mmts against a year-earlier 18.37 mmts. On the oilseed front, soybean imports reached 12.38 mmts, down from 13.32 mmts a year earlier. EU rapeseed imports in the same period totalled 4.83 mmts against 6.75 a year earlier.
ABARES made their first new crop forecast and placed the 26/27 crop at 26.7 mmt, which is some way below the USDA (30mmt). Plantings are down 10% in WA, down 22% in NSW, 19% in Queensland and 4% in Victoria. This takes overall plantings down 12% to a 7-year low.
An active day on tenders as Jordan’s state grains buyer purchased about 60, 000 mts of hard milling wheat of optional origin, which was believed to be sourced from Bulgarian trader Buildcom at an estimated $276 CIF. South Korea’s Feed Leaders Committee (FLC) purchased between 60-68,000 mmts of feed corn from optional origins at $264.29 CIF. MFG bought a similar volume at $263.99 from Cargill.
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