ADMISI London Wheat Report for 14 November

London Wheat Report

Chicago wheat futures fell for a fourth day on Thursday to trade near a 2-1/2-month low as the U.S. dollar’s continuing rally weighed on export sentiment, while improving crop prospects in some major producing countries added supply pressure.

Brazil’s soybean crop is expected to reach 166.14 million metric tons in 2024/25, up from the 166.0 million tons previously estimated, national crop agency Conab said on Thursday. The agency said Brazil’s total corn production in 2024/25 was expected to reach 119.81 million tons, from 119.74 million tons previously estimated.

Russia’s grain export quota, set to be in place from February to June next year, could be nearly three times smaller than the 29 million tons a year earlier, due to the high pace of exports in recent months and a worse-than-expected harvest, experts said. Russia allows grain exports quota-free from July to January, the first half of the export season, and then introduces quotas among some 260 domestic traders authorized by the authorities to sell grain in international markets.

The soft wheat area in the European Union should rebound sharply next year after planting weather improved, while barley and maize are set to lose ground, consultancy Strategie Grains said. In initial projections for the 2025/26 crop, the firm estimated that the area sown with soft wheat, the EU’s most-produced cereal, will rise by 1 million hectares, or about 5%, from the 20.4 million hectares harvested this season. 

Contact the ADMISI Grains and Oilseeds Derivatives Brokerage team

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