Written Commentary
Sean Barry 2025 ChicagoCIO ORBIE Finalist
February 6, 2025
London Wheat Report
With CBOT closed for President’s Day, our European markets were left up to their own devices. Interesting to see both Milling wheat and London wheat lower, no follow on buying after Friday’s jump higher on the back of cold weather concerns in the US & Russia ignited the short-covering rally.
The London May25/Nov25 spread trades out to -11 as the market tries to create some incentive to carry old crop stocks into the new marketing year. At -11, this still doesn’t stack up.
Saudi Arabia’s General Food Security Authority (GFSA) has bought 920kt of optional origin wheat in their latest tender, the avg price at $276.37 a tonne cost and freight (c&f) for 12.5% hard wheat. This is above the 595kt they tendered for.
Brazil’s soybean harvest for the 2024/25 season reached 23% as of last Thursday, agribusiness consultancy AgRural said on Monday, up 8% week on week. This is vs 32% at the same time last year.
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