ADMISI London Wheat Report for 3 April

London Wheat Report

London Wheat Report chart: Futuresource

With 115 lots trading on London wheat, it was a slow and uneventful day on our domestic wheat contract.

The US wheat contracts were well supported in today’s main session, Chicago wheat May24 up 12 at the time of writing. This is largely due to a weaker Dollar, but also perhaps news of Moroccan forecast demand and more curbs to Russian wheat exports. This move didn’t offer much support to our European markets, however.

News emerged of Russian authorities having halted grain exports on some ships belonging to Aston, one of the biggest local grain trading houses, watchdog Rosselkhoznadzor has not provided some of the company’s vessels with phytosanitary certificates.

The head of Morocco’s grains and cereals trader federation FNCL stated today that Morocco needs to import at least 5 MMT next season (starting 1st of July), after expectations their domestic soft wheat, durum and barley harvest is to drop to 2.5 MMT this season, from 5.5 million last season, largely due to late and insufficient rain.

Contact the ADMISI Grains and Oilseeds Derivatives Brokerage team

Ryan Easterbrook or Aaron Stockley-Isted

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