Written Commentary
London Wheat Report
USDA Quarterly Stocks and Acreage Report
The USDA quarterly stocks and acreage report this afternoon sent the corn market lower, with stocks coming in above analyst averages. The corn market, in turn, dragged wheat with it. Soybeans were mildly bullish, with the actual numbers from the report shown below.
Source: USDA
Market Focus Shifts to Harvest Progress
The market’s attention will now shift back to US harvest progress and production expectations for next Friday’s USDA update, while also monitoring Chinese soybean purchases and potential interest in US feedgrains.
London Feed Wheat Market Update
London had a quiet day, with only 150 lots crossing the line across the curve. Feed wheat was a day of two halves, green on the screen in the AM before turning negative in the arvo, eventually closing down 50p on old crop.
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