London Wheat Report

Saudi Arabia has purchased 307,000 metric tons of wheat in a tender for arrival between December and January, the GFSA state buying agency said on Monday. The tender sought hard wheat with 12.5% protein, with the purchase was slightly above the 295,000 tons sought.
Chicago corn and soybeans fell on Monday as a stronger dollar and expectations of good harvest weather as well as record inventories in the U.S. provided headwinds to prices. The latest CFTC commitment of traders’ report showed strong buying to the 1st October, for the 7th consecutive week. Money managers bought back 216,000 contracts- the highest weekly amount in 5 months and flipped their position to net long for the first time in just over 1 year! Shorts remain In corn, wheat & beans, but we see longs in livestock and soybean products.
Russia’s grain harvest will be hit by the impact of Ukraine’s attacks on grain-producing regions close to the border and by bad weather in many other regions, the RIA news agency cited Agriculture Minister Oksana Lut as saying on Monday. This comes a day after a Russian missile strike damaged a civilian Saint Kitts and Nevis-flagged vessel loaded with corn in Ukrainian port of Pivdennyi on 6th October, the Ukrainian restoration ministry said on Monday.
European wheat was supported in today’s trading after a brief spell in the red in the morning. London volume was lethargic to start the week with just over 200 lots making it across the line.
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