Written Commentary
Global Ag News for Apr 23.24
April 23, 2024
ADMISI London Wheat Report for 20 February
- February 21, 2023
- ADMISI Grains Team
- Follow us on Twitter @TradeADMIS
London Wheat Report
Source: FutureSource
US President’s Day today so it was quite a quiet day on the markets.
President Biden made a surprise visit to Kyiv to show solidarity with Zelensky and committed to furthering support. Russian attacks continue on the Donbas front. Biden continued the rhetoric on further support for Ukraine alongside Nato allies with Rishi Sunak also publicly announcing support for Nato provided airpower.
Wheat markets were unsurprisingly quiet today with the US holiday and with little fresh market news. Matif wheat wasn’t really moving in any direction, with May-23 settling marginally lower on Friday at €291.25/t. Volumes were pretty steady as expected with 14,526 lots traded on May-23. London wheat played out similarly to Matif with a total cumulative of 157 lots traded. Settling marginally lower. European crop conditions were looking good according to MARS. Ukraine is very much on the narrative to try and increase the grain corridor minimum vessel size as inspection delays persist from the Russian side. Danube-Black Sea canal draft increases raises hopes of improved Ukraine logistics to increase barge loading capacities. Japan has tendered for 94kt of Canadian and Australian wheat. Egypt’s GASC returns for April shipment.
US bean sales remain in line with last year but the market is getting a little angsty in regards to Brazilian aggression on the market. Brazil’s harvest does remain slower than normal with logistics and storage remaining an issue, ergo the more aggressive export pricing. Matif rapeseed settled lower with May-23 settling down €9.00 down on Friday at €554/t.
Contact the ADMISI Grains and Oilseeds Derivatives Brokerage team
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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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