ADMISI London Wheat Report for 22 October

London Wheat Report

LWR-chart Futuresource

U.S. soybean export premiums are at their highest in 14 months, as grain merchants race to ship out a record-large U.S. harvest ahead of the U.S. presidential election and fears of renewed trade tensions with top importer China, traders and analysts said. Nearly 2.5 million metric tons of U.S. soybeans were inspected for export last week, including almost 1.7 million tons bound for China, the most in a year, according to U.S. Department of Agriculture data released today.
 
Next year’s wheat harvest in Russia, the world’s top exporter of the grain, is seen at around this year’s level, according to the first early estimates released by the country’s leading agriculture consultancies on Tuesday. The IKAR consultancy sees 2025’s wheat harvest at 80 million-85 million metric tons, while Sovecon predicts 80.1 million metric tons. The official estimate for this year’s wheat harvest stands at 83 million metric tons.
 
London had a mixed day on screen today with Nov 24 gaining support with two days to go until FND. May 25 fell in today’s trade. May 26 saw 40 lots go through at £204.50, until today only one lot of OI was seen on this expiry. All in all London didn’t have a bad day with 700 odd lots going through on screen.

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