Written Commentary
London Wheat Report
London wheat looked as though it found some support in the latter part of the day, following a similar trajectory to that of Matif wheat’s pricing. Both London and Matif wheat contracts traded below the previous settlements throughout the morning.
Data published by the European Commission today showed that the bloc’s soft wheat exports in the 2024/25 season that ended on June 30 totalled 20.33 mmt, down 35% from the previous year (2023/24). EU barley exports in 2024/25 totalled 4.72 mmy, down 20% from 2023/24. Strong competition from Black Sea supplies and a poor harvest in France curbed EU exports in the past season. In addition, constant missing data from member counties inflamed this year’s poor figures. Given France’s poor harvest last year, a breakdown of 2024/25 soft wheat exports showed Romania was the largest EU exporter with 5.56 mmt, followed by Germany with 2.79 mmt. France, usually by far the EU’s biggest wheat exporter, was in sixth place with 2.05 mmt.
Across the pond, CBOT corn futures extended losses today to approach a 2025 low as improved U.S. crop ratings and forecasts for more benign weather fuelled expectations for a bumper harvest. Soybeans also edged down toward a multi-month low as favourable U.S. crop conditions similarly created supply pressure. In addition to the expected large yields, market participants are reportedly worried that tariff disputes with key trading partners may hurt demand for U.S. crops, exacerbating the issue.
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