London Wheat Report

It was today reported that soft wheat exports from the EU since the start of the 2024/25 season back in July have reached 11.16 mmt by Jan. 5. This figure is down 34% from 16.89 mmt a year earlier. There is a slight caveat with this data, though, as export data for Italy has been incomplete for the past six weeks, in addition to France’s export data, which has been incomplete since the beginning of 2024. Both Bulgaria and Ireland’s export data has been incomplete since the start of the 2023/24 marketing year. Strong competition from Black Sea supplies in addition to a poor harvest in western Europe has curtailed EU exports this season, with the trend amplified by the missing data. The biggest destination for EU wheat was Nigeria at 1.7 mmt. The UK imported a total of 886,904 from its European neighbours.
Across the pond, currency continues to play a strong role in the Ag markets. In addition, there are concerns over hot and dry weather in Argentina, the world’s leading exporter of both soybean oil and meal, as well as the third-largest corn exporter. However, weather forecasts suggested widespread rain in Argentina around mid-January could ease stress on crops after parched conditions expected this week.
The dollar, which influences the attractiveness of U.S. exports to overseas buyers, was swayed yesterday by a report that suggested aides of Donald Trump were potentially watering down tariffs by making them more selective than the U.S. President-elect has threatened. Trump reportedly rejected this report.
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