London Wheat Report
Euronext milling wheat made somewhat of a comeback, posting a reasonable gain, whilst the other wheat markets didn’t share the same level of enthusiasm.
Strong sales to end 2025 prompted IKAR to raise their Russian wheat export forecast 2.4 mmt for the 25/26 MY to 46.5 mmt. The USDA held their forecast unchanged yesterday at 44 mmt. EU soft wheat exports at 11.6 mmt are down 2% from YA. Jordan passed on purchasing wheat in their recent 120k mt tender. China imported 620k mt of wheat Australia and Argentina combined in Dec-25.
Bean oil continues to benefit from higher energy prices and perhaps speculation the Trump administration will develop a more favourable stance on biofuels to improve demand while helping support the US farm economy.
Ukraine’s Deputy Prime Minister reports Russian drone strikes impacted 2 vessels used for transporting Ag. products. Increased tensions in Iran has fuelled a $1.30 per barrel jump in spot crude oil trading to a 3 month high.
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