London Wheat Report

Today saw both Chicago soybeans and corn prices come back based on strong U.S. harvest progress. The USDA reported that the country’s soybean harvest was 47% completed at the end of this past weekend, while the corn harvest was 30% finished at the end of the same period. The USDA went on to reveal their ratings for both crops: 63% of the U.S. soybean crop as good to excellent (down 1% from last week), while corn ratings were reported as unchanged at 64% good-to-excellent. As it stands, the reported conditions ratings are the highest for this time of year for soybeans for the past four years and for corn since 2018.
In addition, forecasts for rain in the previously drought-hit Brazilian crop belts bolstered expectations of ample global supplies. Soybean futures had previously grown to hit a two-month top a week ago due to concerns that drought could disrupt planting in Brazil; this ultimately encouraged short-covering by investors. However, forecasts are now predicting a gradual return of rainfall over much of the country from early October, which has now quelled many of the crop concerns.
Contact the ADMISI Grains and Oilseeds Derivatives Brokerage team
Ryan Easterbrook, Aaron Stockley-Isted and Jamie Kirkwood
Phone: +44 (0)20 7716 8477 or +44 (0)20 7716 8140 Email: intl.grains@admisi.com
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