Written Commentary
London Wheat Report
The latest round of US crop conditions was released and showed soybeans rating were unchanged after flooding hit portions of the northwestern Midwest. Corn ratings did take a hit with the USDA rating the corn crop 67% good to excellent, down 2 points. One point reduction had already been priced into the market. Rating for both Soybeans and Corn still remain the highest for this time of year since 2020.
Matif rapeseed climbed into the 500s in today’s trading after a steady two week period of prices increasing November was trading @ 502 for the high of the day. Yesterday saw double digit gains in rapeseed, we didn’t see those today but none the less a strong day. The worry of a shrinking EU crop is still in focus. Matif wheat came off in today’s trading giving back yesterday’s gains.
London did kick off the day with a little bit of green on screen getting into the 200’s but that was short lived. The Majority of the 150+ lots went through at around the £198.50 mark. As we mentioned yesterday the final minute or so of London is seeing the price get bid up into the close. This gives an unfair reflection in the settlement price. London eventually closed up in Nov4 and down in May 5. May 5 had a quiet day with only 30 crossing the line.
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