Written Commentary
Ag Market View for Apr 25.24
April 25, 2024
ADMISI London Wheat Report for 13 April
- April 14, 2023
- ADMISI Grains Team
- Follow us on Twitter @TradeADMIS
London Wheat Report
Source: FutureSource
China and Taiwan continue their war of words. France sees their weekly protests resume with 600k protestors taking to the streets today. Biden carries on his Irish visit. US jobless claims have come in slightly higher than estimates, stock markets have enjoyed a rally. Tesco’s profits down Y-O-Y. GBP found support today pushing through the $1.25 mark.
US weekly wheat net sales were down 30% to 135,700t, within estimates in the week ending April 6th. France AgriMer lowered soft wheat export forecast outside the EU to 10.4Mmt. Russian spring sowing campaign more than doubles in two weeks to April 12th, progressing by another 3.9 percentage points. Rouen wheat exports remain stable at 60,992t – 5% above last week’s. Strikes in France are having issues with loading and vessel line ups with delays being experienced. Market chatter that Mexico had bought some Russian wheat and that EU wheat imports to the US have very much petered out. A few smallish tenders going through and reports that Algeria have purchased around 450kt of Durum wheat. Ukrainian wheat supplies continue to flood through into Europe on the Eastern front, this is really starting to antagonise Polish, Romanian and Bulgarian farmers who are still sat on a fair old wack of wheat. Romanian farmers continue to push for a ban on Ukrainian wheat.
Matif wheat cooled off again today with May-23 pushing lower, heading lower to the tune of €5.00 towards the end of the afternoon. London wheat also pushed lower although May is still holding reasonably well all circumstances considered. Nov was pushing lower too. Chicago wheat also pushed lower.
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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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