ADMISI London Wheat Report for 6 July

The Third Ashes Test kicked off today with England starting strong and dismissing the key batsman for Australia in the morning session. Marsh put on a good ton and England would have been happy with skittling the Ozzys for 263. The reply… 22/2 at the time of writing, looks like the Ashes will be staying in Australia. The mutinous head of Russia’s Wagner group is no longer in Belarus and it is not clear if his fighters will move there, Belarusian leader Alexander Lukashenko said on Thursday, raising questions about the deal that ended last month’s revolt.

Seemed a quieter day on the markets day after yesterday’s post Jul 4th market reopened. The markets seem to be taking a breather with little fresh news in the offing. Chicago wheat claimed back some of its gains yesterday and was trading down 10 cents at the time of writing. Kansas and Minap also down/ unchanged. Wheat areas in Kansas and Oklahoma will run a high risk of a grain quality decline because of too much rain in the coming week according to some, the market didn’t seem to have the same view.

Ukraine’s on-off Black Sea grain deal has made the nearest port of Constanta in neighbouring Romania a key alternative that is set for volumes doubling its record years and months of delays with a domestic crop looming, industry experts and traders said. With no new ships registered under the deal since June 26, and a further extension uncertain, Ukrainian officials have said transit via Romania’s Black Sea port of Constanta will be critically important. Since the start of the war, Constanta has handled a third of Ukraine’s total grain exports of just under 49 million tonnes.

This year’s French soft wheat harvest is expected to show a yield 5% above the 10-year average, helped by good sowing conditions and regular rains in early spring, crop institute Arvalis and grain industry group Intercereales said on Thursday. The projected protein content – a key quality requirement – in the French soft wheat crop would reach 11.4%, in line with last year and the 10-year average.

London was quiet yesterday and even less volume crossed the line today. Jul goes off the boil tomorrow and traded today for 5 lots at £173.00. Nov 23 saw the majority of the London volume, 150 odd lots traded between 192 and 195.95.