Written Commentary
London Wheat Report
London wheat followed US markets higher, though on much reduced volume as the US National Weather Service forecasts extremely hot and dry weather in much of Nebraska and the Northern Plains this afternoon. Meanwhile, growing weather in the Midwest remains largely favourable. Storms in Iowa and Illinois may turn severe, but are expected to bring precipitation.
European weather maps equally show high temperatures through to the end of June: Whilst the French crop is likely to be sufficiently advanced, Poland and Germany will still need to be watched closely. MATIF closed .50-2.50 EUR higher, even as France AgriMer estimates French 25/26 ending stocks at 3.5mmt vs 3.28mmt last month.
Ukraine’s Economy Minister Oleksiy Sobolev announced that Ukraine has completed 2026 spring grain sowing at 5.9 mHa, roughly in line with last year’s levels despite wartime challenges and elevated fuel costs.
An active day for tenders: One USDA flash sale was reported of 372,000 mmts of soybeans for delivery to unknown, though it was not enough to prompt a sustained rally. Of the total, 60kmts is for delivery during the 2025/2026 marketing year, and 312,000 metric tons is for delivery during the 2026/2027 marketing year.
Algeria’s state grains agency OAIC has bought milling wheat. Whilst exact volumes are still not known, it is believed to be of several hundred thousand tonnes at price of $264-5 C&F. Jordan’s state grain buyer also purchased about 60 kmt of feed barley at $252 C&F from Olam.
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