London Wheat Report

A quieter day on London today, with both May25 and Nov25 contracts ending the day down on the previous day. This sentiment was also shared by Paris wheat, with all contracts ending the day in the red.
Strong news coming out of France today: FranceAgriMer kept its monthly forecast for 2024/25 French wheat exports outside the European Union unchanged. This figure is the lowest this century, as a result of big reductions in demand from Algeria and China. In addition to the drop in demand from two of France’s main overseas markets in recent years, cheap Black Sea wheat has proven difficult to price against. FranceAgriMer said the export volume was the lowest since at least 1996/97 in its records.
Across in Ukraine, it has been reported that the country has reduced areas sown to soybeans and rapeseed this year but has increased its corn areas. Until recently, global soybean prices have fallen significantly; Ukraine harvested a record-high soybean harvest of more than 6 mmt in 2024. Reports of poor weather during the autumn sowing period had cut the area sown of winter rapeseed; it is thought that farmers could instead increase the corn area in the upcoming spring.
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