ADMISI London Wheat Report for 5 July

The world registered its hottest day ever recorded on July 3rd, hitting an average global temperature of 17.01 degrees C, surpassing an August 2016 record of 16.92. The Barbie Movie has been banned from Taiwan as it makes reference to disputed islands in the South China Sea. Declan Rice has agreed to join Arsenal from West Ham for a british transfer record of £105M… don’t let the door hit you on the way out. Just stop oil are now interrupting Wimbledon… not really sure that two extremists running on to court 18 is going to change much… but never mind.

US markets returned after having a day off yesterday for Independence Day. The Markets flew into action on the open. Soybeans were trading up 22 odd cents within 30 seconds of the open, Chicago wheat up 8 cents and corn up 7. Beans saw a complete turnaround in the afternoon and returned to unchanged at the time of writing. Chicago wheat was up 20 cents, Minap’ wheat up 35 cents and Kansas wheat leading the charge up 40 cents (at the time of writing).

Corn after its brief bullish charge on the open turned mid-afternoon and was pretty much unchanged at the time of writing. Critical rainfall came at the end of last week for many Crop Watch fields in the heart of the Corn Belt, notably upping crop conditions, though a couple of locations remain light on moisture. Rainfall over the next several days should be largely supportive and may cover some of the drier areas in the west. The central Corn Belt is unlikely to be as wet as last week.

Russia said on Wednesday that it has not taken a final decision on whether to extend the Black Sea grain deal, while the United Nations pledged to make every effort to prolong the pact before it expires on July 17.

Ukraine’s grain exports for the new 2023/24 season stood at 276,000 metric tons as of July 5, Agriculture Ministry data showed on Wednesday. The volume included 191,000 tons of corn, 65,000 tons of wheat and 20,000 tons of barley.

London had a quiet morning, most were probably waiting for those across the pond to dust off their Jul 4th hangovers and get into the office. Like the US markets, London wheat was bullish today. Volumes were pretty small with around 350 crossing the line across the curve. November 23 got up to the dizzy heights of 195.00 with most of the volume traded between 193.75/194.