Written Commentary
London Wheat Report
Russia is not interested in renewing the Black Sea grain deal and has its own grain export capabilities, the TASS news agency cited Russian Agriculture Minister Dmitry Patrushev as saying on Thursday. A year or so ago headlines like this were spiking the markets, now they go by like passing ships in the night.
Poland doesn’t rule out introducing a ban on agricultural products from Russia, the prime minister said on Thursday during a visit to Warsaw by his counterpart from Latvia, which has already implemented such a ban. Like much of Europe, Poland has been gripped by protests in recent weeks as farmers demonstrate against European Union environmental regulations and what they say is unfair competition from Ukraine since the bloc waived duties on imports in 2022. However, Polish Prime Minister Donald Tusk said agricultural products from Russia and Belarus were also causing market distortions.
A very uninspiring day in London today with no trade before lunchtime across the curve. When Nov eventually traded the majority of the volume went through at the £182 mark. Nov saw some volume on screen with 300 crossing the line. This was a polar opposite to May which didn’t trade until 14:30 and when it did get going only 19 lots traded on screen. A few AAs went through to give May some volume. A rogue one lot went through on the close at £163 on the May4 and that’s where it closed. Gives a bit of a false figure as it wasn’t trading that low all day. May 25 traded for 11 lots between 191 and 191.95.
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