Written Commentary
London Wheat Report
Grains continued to rebound, in part due to delays to harvest reported in the US and higher temperatures forecast across parts of Northern Europe. However, we seemed to lose momentum later in the session in pre-report positioning. The May/Nov spread continued to widen whilst MATIF closed at 0.75 -2.25 EUR higher across the curve, though Sep closed at 1 EUR from the day’s high.
Coceral increased its forecast of soft wheat production for the EU + UK this year to 143.7 mmts from 142.6 mmts projected in March and reduced its maize production estimate to 57.2 mmts down from 60.2 mmts. Barley production was increased by 500 kmt to 59.3 mmt and rapeseed by 400 kmt to 21.5 mmts.
Egypt released a cabinet statement reporting that they have bought 4.6 mmts tons of wheat from local farmers since the start of the procurement season in mid-April, which will run until mid-August.
Jordan’s state grain buyer elected to pass on an international tender for 120kmt of feed barley, which is now likely to be deferred until 17th June.
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