Written Commentary
London Wheat Report
London gave back some of yesterday’s gains, following MATIF which closed 0.25-1.00 EUR lower across the curve and crude oil, which continued to slide on the news that at least 172 vessels have crossed through the Strait of Hormuz since the US and Iran signed a deal aimed at ending the war. US grains also traded lower throughout the day.
The EU Commission reported that soft wheat exports since the start of the 25/26 season last July had reached 22.73 million tons by June 21, compared with 21.22 million a year earlier. EU barley exports were 8.61 mmts, against 4.78 mmts in 24/25, while maize imports were at 17.81 mmts, against 19.36 mmts a year-earlier.
Sovecon lowered its 2026 Russian wheat crop forecast to 88.9 mmts, down from 90.3 mmts, due to a reduction in its forecasted planted area. Total wheat area is now estimated at 25.8 million hectares, down from 26.4 million hectares previously and below the 26.9 million hectares planted in 2025. This would mark the smallest total wheat area since 2014, when Russia planted 25.2 million hectares.
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