Written Commentary
London Wheat Report
Today saw another slide on London wheat, with Nov-25 falling £0.90 and May-26 down £0.70. Additionally, today saw the first trade on the May-27, where 2 lots passed through, setting the tone at £198.50. Matif wheat fared slightly better, with all contracts ending the day in the green, following Chicago wheat’s earlier rise.
The main US wheat contract edged up to halt a three-session fall, but with an advancing northern hemisphere harvest keeping a lid on prices. Much attention within the grain markets is now also starting to turn towards the monthly supply and demand forecasts from the U.S. Department of Agriculture due to be released this coming Friday. Corn was also seen to somewhat recover from one-week lows today before giving up gains in the later part of the day. U.S. weather has been largely favourable for corn and soybeans, while in rival exporter Brazil some analysts predict the ongoing second-corn harvest will set a record like the soybean harvest earlier this year.
Further east, two of Russia’s top wheat-growing regions are having increasingly different years as the Rostov region endures a second year of drought; its nearby neighbour, Stavropol, has been bestowed with good weather and promises a record output. This change in fortunes should keep supply from the world’s largest exporter steady and could also see Stavropol dethrone Rostov as its biggest wheat-growing region.
Today’s (9/07/25) Matif Cot showed a trimming of Matif rapeseed long for the second week in a row:
Source: ADMISI
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