London Wheat Report

After a weakening of the Euro, today saw European wheat futures rose for the fourth straight session to a new six-month high. The effects of a weaker Euro on wheat prices were further kindled by the news of a reduced Russian supply, keeping the market supported. The euro slipped to a fresh two-year low against the dollar, making grain priced in the European currency cheaper overseas. It has been reported that in Russia, there is poor early growth for the 2024/25 wheat crop. This has resulted in a rise in local prices and steps taken by the authorities to curb exports. Doubts have been reportedly raised about availability in the world’s biggest wheat-exporting country.
Further afield, it has been reported that in Brazil the country’s 2024/25 soybean crop is expected to reach 171.4 mmt. The reason for the upward revision was states to have been driven by higher expectations for the area planted with beans in the South American country in addition to an increase in yields. Growers in Brazil, the world’s largest soy producer and exporter, are set to see yields recover in the current growing period. This comes after they struggled with adverse weather in the 2023/24 season.
Contact the ADMISI Grains and Oilseeds Derivatives Brokerage team
Ryan Easterbrook, Aaron Stockley-Isted and Jamie Kirkwood
Phone: +44 (0)20 7716 8477 or +44 (0)20 7716 8140 Email: intl.grains@admisi.com
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