London Wheat Report

Wheat the upside leader in today’s trade, starting strong from the outset. There was some bullish news out of Russia but perhaps it was also some position squaring ahead of the holidays.
Sovecon stated the expect Russian wheat exports will fall by 17% to 36.4 mmt in the 2025/26 exporting season due to a poor harvest and low carry-over stocks. They also revised their wheat export forecast for the current 2024/2025 season to 43.7 mmt, from a previous 44.1 million.
A Russian state weather forecasting agency was also out saying warmer-than-usual weather throughout the European part of Russia at the end of December will complicate the overwintering of grains. The agency said that the warmer weather causes sprouts to expend more sugar to breathe, adding that in some regions, including Kuban, Russia’s second-largest grain-producing region, the sprouts could resume vegetation on the warmest days.
Friday’s CFTC commitment of traders saw Soybean meal establish a new record 88,971 managed money short, beating the old record of 77,112 contracts. Open interest in soybean meal futures and options hit a record high last month and the latest tally is near those levels. The market has been watching record U.S. soybean crushing rates as well as strong output in South America, creating ample meal stocks.
ICE, Euronext and CBOT have short days tomorrow and on NYE, and CBOT the only one open on Boxing Day.

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