Written Commentary
London Wheat Report
A similar story to yesterday as Ags markets were fuelled with optimism that the Trump/Xi meeting will be ‘’great for US farmers’’. The US markets roared ahead. Soybeans were trading up to a 15-month high after gaining a further +20 cents in today’s trading. This, in turn, dragged the others with it, with wheat gaining just shy of double figures and corn also trading well up. There was a brief moment in the late afternoon where the markets turned from the highs, which seemingly wasn’t down to a misfired tweet from Don. Perhaps profit taking?
Can the optimism drag on a further day tomorrow before Thursdays ‘’el classico’’ of World Leader meetings between the two powerhouses?
The U.S. soybean harvest was 84% complete as of Sunday, and the corn harvest was 72% finished according to a poll of traders. Unfortunately, with no official data from the USDA, your guess is as good as theirs.
Closer to home markets were not as reactive to the US market as they were yesterday. Matif and London wheat were trading slightly up, whilst Rapeseed did rise off the back of the Bean jump.
European Union soft wheat exports since the start of the 2025/26 season in July had reached 6.25 million metric tons by October 26, compared with 5.87 million the previous week, and down 21% on a year earlier, European Commission data showed on Tuesday. Volumes showed Romania is leading the way largest EU soft wheat exporter with 2.55 million tons exported so far, followed by France with 1.03 million tons, Lithuania with 841,878 tons, Germany with 584,543 tons, and Latvia with 494,722 tons. A sidenote that Russia’s October wheat exports are seen at 5.1mmt.
Volume of OI on November 5 is slowly whittling down after Monday’s 300+ lot tender and the 32 today. OI will be below 100 tomorrow. Volume on the rest of the curve was steady with over 600 lots crossing the line. May 27 saw some action with 10 trading between 188.70 and 189.
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