ADMISI London Wheat Report for 04 December

London Wheat Report

Futuresource - London Wheat Report

Some negative crop news coming from Russia today: The ProZerno centre today announced that the share of Russian winter crops for the 2025 harvest in either poor or non-sprouted condition is at an unprecedented level of over 37%. It was then reported that the centre put the share of winter crops in good conditions at around 31%. This is compared with 74% over the same period last year. This is reported to amount to the smallest area of good crops entering winter for the past 23 years. Russia has officially estimated its grain harvest this year at 130 mmt. This comes after it made a slight downward revision owing to bad weather across much of the countries’ grain-producing regions. As of yet, the Russian government did not provide an estimate for next year’s harvest.

Australia is also suffering with weather woes, with reported heavy rainfall hitting the country’s bumper wheat harvest, causing widespread quality downgrades. Growers down under, the world’s fourth-biggest wheat exporter, are wrapping up an above-average harvest, although persistent rain has caused sprouting. It has been reported that between 2.5 mmt and 5 mmt of wheat across Australia’s southeastern growing regions have been downgraded, bringing them down from milling quality to feed wheat. This reduction in potential stocks comes as the USDA projected global wheat inventories to hit their lowest in nine years by the middle of 2025.

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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