Written Commentary
London Wheat Report
Funds now hold the longest corn position we have seen since 2022. Managed Money is holding over 364K contracts long corn as of Friday’s commitment of traders report. South American weather continues to be the main focus aside from tomorrow’s USDA WASDE report. February WASDE reports are not typically huge market movers, but most expect ending stock numbers to be cut on both corn and beans.
Russian wheat export prices continued to rise last week as exports declined ahead of quotas taking effect in the middle of the month, analysts said. Dmitry Rylko, head of IKAR consultancy, said the price of Russian wheat with 12.5% protein for free-on-board (FOB) delivery in March was up $2 from the previous week to $245 FOB per metric ton.
Brazil’s soybean harvest for the 2024/25 season reached 15% of the planted area as of last Thursday, agribusiness consultancy AgRural said on Monday, up 6 percentage points from the previous week. At the same time last year, 23% of the total area had been reaped, AgRural added in a statement, meaning work in the fields overall remains delayed and may affect sowing of Brazil’s second corn crop in some areas. Parana state in southern Brazil has been leading the way as a third of its soy area has been harvested, but top grain-producing state of Mato Grosso had “good progress” last week despite less-favourable weather conditions, AgRural said.
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