London Wheat Report

Soybeans and bean meal the downside leaders, hitting fresh contract lows, with Jan25 beans down 22cents at the time of writing. South American weather is non-threatening and putting pressure on the bean complex. Corn also came under pressure, in sympathy in soybeans and SA productions expectations, but also with the expectation of a Fed rate cut this evening. Wheat was little changed, despite lower corn, as the market assesses crop conditions in Russia and tight exporter supplies.
FranceAgriMer have cut their soft wheat exports outside of the EU from 3.9mmt to 3.6mmt, 66% lower than last season and the lowest since the 2000/01 campaign. They raised their projection of French soft wheat shipments within the EU this season to 6.16mmt from 5.9mmt expected in November, now 2% below the 2023/24 volume. This led to an increase in their forecast of carryout stocks to 2.87mmt (vs 2.78 last month), still 10% below last season.
A U.S. government funding bill released on Tuesday included a plan that would allow year-round sales of E15 gasoline blend. Currently, sales of E15 are effectively blocked from June to September. This increase, which could involve 8 new Midwest states offering E15 year-round could consume up to an additional 800,000t of corn supply annually.
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