Written Commentary
Global Ag News for May 2.24
May 2, 2024
ADMISI London Wheat Report for 12 July
- July 13, 2023
- ADMISI Grains Team
- Follow us on Twitter @TradeADMIS
London Wheat Report
Source: FutureSource
Germany is seeing much needed rain after a particularly dry June. Water levels on the river Rhine in Germany are rising after heavy rain in southern regions but are still too shallow in northern and central areas for cargo vessels to sail fully loaded, commodity traders said on Wednesday. Dry weather in June meant the river became too shallow for vessels to sail fully loaded and vessel operators imposed surcharges on freight rates to compensate for vessels sailing partly empty, increasing costs for cargo owners.
France is expected to export less wheat and barley outside the European Union this season due to stiff competition but weather setbacks in EU countries like Spain should boost French shipments within the bloc, farm office FranceAgriMer said. In its first supply and demand outlook for the 2023/24 season that began this month, FranceAgriMer forecast that French soft wheat exports beyond the EU would fall to 9.6 million metric tons from 10.1 million in 2022/23.
USDA Supply and Demand Report
Wheat – Changes this month to the 2023/24 U.S. wheat outlook increase supplies and domestic use, leave exports unchanged, and increase ending stocks.
Corn – This month’s 2023/24 U.S. corn outlook is for fractionally higher supplies and ending stocks. Major global trade changes for 2023/24 include larger corn exports for Ukraine, with greater imports for the EU. For 2022/23 corn exports are higher for Brazil but are lowered for Argentina for the local marketing year beginning March 2023.
Soybeans – U.S. oilseed production for 2023/24 is projected at 127.6 million tons, down 5.6 million from last month with reductions for soybeans and sunflowerseed, partly offset by higher canola and peanuts. Soybean production is projected at 4.3 billion bushels, down 210 million on lower harvested area.
USDA July 12 WASDE
Trade Estimates World Supply and Demand
Source: Reuters/USDA
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.
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