Written Commentary
Ag Market View for Apr 26.24
April 26, 2024
ADMISI London Wheat Report for 12 October
- October 13, 2023
- ADMISI Grains Team
- Follow us on Twitter @TradeADMIS
London Wheat Report
Lots of chatter about who knew what about the Gaza attack. Israel disabled the runways in both Damascus and Aleppo ahead of a reported visit tomorrow to Syria of Iran’s Foreign minister. Russia and India planning a summit. Ground invasion does appear to be imminent. US CPI rose greater than expected in September and Wall Street dipped in relation. UAW has expanded their strike, hitting Ford’s Kentucky plant which employs 8,700 workers. Ford’s Kentucky plant generates a whopping $25bn in Ford’s annual revenue.
WASDE day today. Beans supported and corn neutral with wheat at a bearish tone. I’ve pinched the table below yet again (it’s just that good) from our friends across the pond, Benson Quinn Commodities.
Wheat markets actually ticked up with Chicago trading up 10 cents on Dec-23 at time of writing and Matif Dec-23 settled up €2.25 on yesterday at €233.25/t. Rouen weekly wheat exports were down 63% W-O-W at 38kt. Russian wheat export pace is also down as said previously, with only 785kt exported to W/E 11th Oct, down 22%. London was pretty flat with vols also sitting at quite an average level.
Oilseeds were supported, especially beans with US carryout unchanged. Chicago Nov-23 beans were through the roof, up 41 cents at time of writing. India soybean production lowered due to extreme dryness in August followed by near-record rains in September. Corn was also supported with US stocks still ample but beans pushed the ag complex higher. Matif rapeseed also settled up, with Nov-23 up €3.50 on yesterday at €415/t.
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
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.
© 2023 ADM Investor Services International Limited3
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
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.
