Written Commentary
London Wheat Report
Matif / Chicago both lower to start but turned a corner when the US main session opened and that support continued into the afternoon with milling wheat closing up 4 odd euros across the curve. We haven’t seen any real bullish news and apparently, the move was on the back of some short covering.
Today was the first tender day for London May24 and below are the results. A chunky 851 lots were tendered. No surprise to see nothing tendered up north and some volume in some better locations than others. This takes care of half of the OI and means this contract might have some life in it yet. With a decent skip higher into the close, could we possibly see some of the more southern tenders retendered tomorrow?
Source: ICE
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