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ADMISI London Wheat Report

A continuation of yesterday’s weaker trade with some talking about a near term top, whilst others are talking a short term correction which may go lower before it recovers and moves higher once again. Talk of new virus cases in china curbing demand and fact they are now buying new crop soybeans may suggest old crop demand is drying up, as well as decent rainfall in South America could have offered resistance. A lack of fresh news or change to the fundamental picture has meant that wheat markets appear to have run out of steam and followed beans and corn lower despite the lingering Russian export story.

UK and EU wheat markets also trade lower, with decent volumes being seen on both old and new crop London wheat as sellers try to hit the top. New crop interest continues to grow and outstrip old crop volumes.

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