Written Commentary
London Wheat Report
Canadian Wheat and Canola Production Estimates
Stats Canada announced today that wheat production was seen 10.9% lower than last year’s crop, according to estimates released Wednesday. StatCan wheat crop estimate was 36.1M tons, lower than the 38.3M trade expectations. Canola production was also seen falling 0.8% y/y to 22.1m tons.
India Considers Vegetable Oil Import Tax Reduction
It was rumoured today that India will look to reduce import taxes on veg oils into the country after a rise of 20% in domestic vegetable oil prices this year. The world’s biggest vegetable oils importer is considering lowering import taxes on the commodities to try to curb food inflation.
Soybean Meal Strengthens Following US Crush Data
Soybean meal hit its highest level in over two years. Prices climbed after US crush numbers came in below forecast, fueling supply worries. Processors crushed 205.5 million bushels in August, below analyst estimates, NOPA data showed, pushing the most-active CBOT futures to their highest intraday level since June 2024. Optimism over Chinese demand has supported the soybean complex recently, with Beijing making progress on its pledge to purchase US agricultural goods ahead of President Xi Jinping’s meeting with Donald Trump. Washington and Beijing are also in talks over tariff cuts on products including US energy and agriculture ahead of next week’s summit, which could extend the year-long trade truce agreed last October.
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