Written Commentary
Sean Barry 2025 ChicagoCIO ORBIE Finalist
February 6, 2025
London Wheat Report
We are at the business end of the Nov24 London wheat contract with one trading day to go before first notice day. OI is now likely to be under the 1,000 lot mark, and with the Nov24/May25 spread tightening to -12.75 (from -16.75 on Friday) it will be interesting to see how this develops and what grain ends up tendered.
US wheat markets firmed despite a stronger USD, while the European wheat markets softened.
Healthy rains fell across central growing regions of Argentina the past 24 hours helping improve crop prospects. Growing regions in the north however remain in a dryer than normal pattern. Key growing areas of Brazil will continue to receive a good mix of rain and sunshine is over the next few weeks keeping the outlook for planting progress and crop development favourable. Western Europe will see some relief from recent heavy rains, however the forecast isn’t completely void of moisture.
Malaysian palm oil futures rose to their highest levels in more than two years in today’s trade, supported by production declines and policy moves from two top producers. Malaysia’s export duty tax revision and Indonesia’s increase in palm-based biodiesel mix to 40%.
Contact the ADMISI Grains and Oilseeds Derivatives Brokerage team
Ryan Easterbrook, Aaron Stockley-Isted and Jamie Kirkwood
Phone: +44 (0)20 7716 8477 or +44 (0)20 7716 8140 Email: intl.grains@admisi.com
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