Written Commentary
London Wheat Report
A lacklustre day on London wheat with prices closing up a mere 35-55 pence across the curve as we approach the last few tender days for the May contract. Fresh fundamental news was scarce, though China and the U.S. have agreed to cut tariffs on agricultural trade as part of a broader trade deal, however the products included still remain unmentioned. MATIF also finished largely mixed whilst the US traded lower in sync with crude oil, which was showing -5% at the time of writing.
Above report Brazil’s 2026 soybean exports at 114.1 mmts, up from 113.6 mmts in their last forecast. However, with harvest now complete, on a crop estimated at 180.13 mmts this still leaves stocks at the highest level in nine years.
Jordan’s state grain buyer decided to skip their tender for 120 kmts of feed barley, which is now likely to be on June 3rd
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