Written Commentary
London Wheat Report
Poland, seeking to meet the needs of protesting farmers, plans to ask the European Union to put sanctions on Russian and Belarusian agricultural products, Prime Minister Donald Tusk said on Monday during a visit to the Lithuanian capital Vilnius. Like much of Europe, Poland has been gripped by protests in recent weeks as farmers demonstrate against EU environmental regulations and what they say is unfair competition from Ukraine since the bloc waived duties on imports in 2022.
Brazil’s soybean harvest for the 2023/24 cycle had reached 48% of the planted area as of last Thursday, agribusiness consultancy AgRural said on Monday, up 8 percentage points from the previous week. The figure was also above the 43% seen at the same time a year earlier. Corn and soybeans prices climbed today off the back of bargain buying after prices slumped in recent months. Brazil will need good rains over the next few weeks to help get late planted crops to maturity and average yields achieved. There was also some talk in the market that the short funds are looking to cover their short positions ahead of the USDA March acreage and stocks report. Prices rose after a perfect storm due to this, talk of lower crops, lack of farmer selling and a pickup in demand with China buying soybeans. USDA Says 110,000 Tons of Corn also Sold to Taiwan in 2023-24.
A rare supported day across the board for Global Ags. Wheat in the states was trading positively all day. European Wheat markets had a mixed day, starting the week trading down before a lunchtime turnaround took Matif and London into the green. Matif’s most active contract May24 traded 2.50 Euros up on its high but cooled a little to still close rather positively. London continued to get stronger as the afternoon went on. May4 was up £2.90 and Nov up £1.40. Volume was pretty sluggish considering the market moved the way it did, only 200 odd lots crossed the finish line.
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