Written Commentary
London Wheat Report
Farm office FranceAgriMer have increased their forecast of French soft wheat stocks this season to a new 19-year high as it reduced domestic demand from livestock feed and starch makers. In a supply and demand outlook, the office raised its projection of soft wheat stocks at the end of the 2023/24 season on June 30 to 3.90 million metric tonnes from 3.75 million forecast last month. That is now 53.6% above last season’s level and would be the biggest stock since 2004/05.
Matif wheat had been trading up 5 euros before the news, soon after the above news broke this reversed and ended the day down. London had a similar day to the French, started the day by trading up before cooling off to finish down on the day. Volumes were pretty similar to yesterday with 500 odd lots crossing the line in Nov24 and again over 100 lots traded on the May25.
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