Written Commentary
Ag Market View for Apr 26.24
April 26, 2024
ADMISI London Wheat Report for 11 October
- October 12, 2023
- ADMISI Grains Team
- Follow us on Twitter @TradeADMIS
London Wheat Report
Gaza’s only power station has run out of fuel, as Israel’s siege continues. The Israeli military says hundreds of thousands of troops are near Gaza “ready to execute the mission we have been given”. At the other end of the country, Israel has attacked Lebanese territory in response to an attack from Hezbollah. De-escalation looks like it’s a thing of the past.
Farm office FranceAgriMer on Wednesday increased its forecast of French soft wheat exports outside the European Union in 2023/24 to 9.80 million metric tons from 9.50 million projected last month, now 3.5% below last season’s level. In a supply and demand outlook, the office cut its forecast for French soft wheat shipments within the EU this season, to 7.33 million tons from 7.54 million expected in September and 14.8% higher than the 2022/23 volume.
Another day in the red for London. Nov23 & May24 were trading down £2 at their lowest from yesterday’s settlement. We did find some support but that wasn’t enough to turn positive. The Nov 23/May24 spread trades out to -13.75.
Tomorrow is the ECE in Warsaw, Poland. Two of the team, Ryan and Aaron will be out there. Please give us a shout at any point over Thursday and Friday and we will be happy to accommodate you all. Dominic will still be in London to man the grains desk in the city.
Contact the ADMISI Grains and Oilseeds Derivatives Brokerage team
Hanne Bell, Ryan Easterbrook, Dominic Enston and Aaron Stockley-Isted
Phone: +44 (0)20 7716 8477 or +44 (0)20 7716 8140 Email: intl.grains@admisi.com
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Risk Warning: Investments in Equities, Contracts for Difference (CFDs) in any instrument, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value. Investors should therefore be aware that they may not realise the initial amount invested and may incur additional liabilities. These investments may be subject to above average financial risk of loss. Investors should consider their financial circumstances, investment experience and if it is appropriate to invest. If necessary, seek independent financial advice.
ADM Investor Services International Limited, registered in England No. 2547805, is authorised and regulated by the Financial Conduct Authority [FRN 148474] and is a member of the London Stock Exchange. Registered office: 3rd Floor, The Minster Building, 21 Mincing Lane, London EC3R 7AG.
A subsidiary of Archer Daniels Midland Company.
© 2021 ADM Investor Services International Limited.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM. The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.
