ADMISI London Wheat Report for 27 April

Well Jerry Springer passes away at the ripe old age of 79. Main headline today pretty much with little on the macro markets. The yuan became the most widely used currency for cross-border transactions in China in March, overtaking the dollar for the first time. Very much in flow with Beijing’s policy. On the back of that, Argentina has announced that it is going to pay for Chinese imports in Yuan. Gremlins from Just Oil continue their irritancies across London in a very much minimal form, where are those good old Water Cannons that Bozza bought a while back ….

Kremlin’s drums continue to rumble as they insist on a full implementation of the Black Sea grains deal and unless the West removes obstacles to Russian grain and fertiliser exports. Iraq books 150kt of Australian wheat at a recent tender. US weekly wheat sales were down 40% with exports up 50%. Rouen’s weekly exports shot up 88% to 145kt, primarily led by Morocco buying. Rains are coming down across the US plains, quelling weather and drought chat to the max. Chicago wheat was pretty soft with Sep-23 trading down 16 cents at time of writing. Matif was also looking very squishy, with Sep-23 settling down €5.75 on yesterday at €236.75/t. London Wheat Nov-23 was also pushed down the slide, hitting £200/t and looking like we’re going to be sliding further.

Lots of chatter on corn markets today as Chicago Jul-23 corn sank below 585 as China announced its done buying US and Brazilian summer corn is undercutting US. Trade analysts are already lowering estimates of US corn exports and increasing carryout. US domestic demand remains strong.

Soybean was also following a similar pattern with Chicago cooling off. Demand for US soybean exports is also being tainted by additional Brazilian exports. Increased Indonesian palm oil export supplies and talk of higher 2023 world sunoil and RSO supply is weighing on soyoil futures. Matif Rapeseed pushed lower with Aug-23 settling down €12.25 on yesterday at €440/t.