Written Commentary
London Wheat Report
Price action slowed somewhat, but screens remained green across the major wheat exchanges, with London closing up £1.15 on Nov and MATIF keeping pace at 1-1.75 EUR higher. We still have little clarity over which products the US/China deal relates to, but both CBOT beans and corn were trading both either side of unchanged.
Closer to home, the EU commission report soft wheat exports for the 2025/26 season starting last July at 20.63 mmts by May 17th, vs 19.23 mmts last season. Barley showed a bigger jump at 8.21 mmts, vs 4.56 mmts at this point in the prior season, while maize imports were reported at 15.98 mmts, down from 17.86 million a year earlier.
On the oilseed front, the EU reported imports of soybeans at 11.61 mmts, compared to 12.65 mmts a year earlier and rapeseed imports in the same period at 4.64 mmts, down from 6.54 million in 24/25.
Brazil’s soy exports remained not far from unchanged wow at 16.1mmt (vs 16mmt the previous week). Crop Consultancy Veeries estimate the planted area in Brazil for soybeans in 26/27 to increase by approximately 400kHa, which would represent the lowest growth in acreage for 20 years, citing lower margins and higher input costs.
Finally, an active day on state tenders, as South Korea’s Major Feedmill Group (MFG) purchased around 63kmt of feed corn in private deal and Algeria buying milling wheat at between $284-292 C&F. Jordan also held a tender for 120kmt of milling wheat though made no purchase and expects to re-tender on June 2nd.
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