Written Commentary
Ag Market View for May 3.24
May 3, 2024
ADMISI London Wheat Report for 15 June
- June 16, 2023
- ADMISI Grains Team
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London Wheat Report
Source: FutureSource
Well, Ukraine/Russia skirmishes continue in Eastern Ukraine. Kremlin has come out with its favourite line that they cannot see the Black Sea grains corridor managing to be sustained post 18th July. Looks like Man U are going to the Qataris in a $6bn-plus sale coming from talks.
Weather, weather and more weather chatter seems to be the only talking point really.
Wheat markets were supported today, on you’ve guessed it, the weather yet again. Dry conditions in both the US and Northern Europe offer support to both Matif and Chicago. Romania’s wheat production forecast was cut to 8.76Mmt from 10.4Mmt in April due to lack of rainfall which pushed Matif higher. Rouen exports increased. Russia shipped a rare wheat cargo into Spain. US weekly net sales were down. London had quite a boring day overall with a very very slow start before finding some support on the back of Matif. Fundamentals remain the same and it’ll be weather trade that will yo-yo the market.
Oilseeds markets were supported with Chicago soybeans leading the charge with good export sales vols and market chatter that China is expressing interest in US new crop. Rosario once again dropped Argentine bean production to 20.5Mmt vs the USDA’s 25Mmt. Matif Rapeseed found support with Aug-23 settling up €7.75 on yesterday at €445.
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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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