Written Commentary
Weekend Rains Could Slow Plantings
April 29, 2024
ADMISI London Wheat Report for 21 August
- August 22, 2023
- ADMISI Grains Team
- Follow us on Twitter @TradeADMIS
London Wheat Report
Source: FutureSource
Happy Monday!
Well, a quieter start to the week today. Lionesses missed out on their well-played game yesterday. Ukraine is nearing a deal with insurers, with one Lloyd insurer ready to insure grains boats sailing down their amnesty corridor. Over 10 ships that have been stranded in Odessa since war started have left the port already. Will be interesting to see where this goes.
Managed money added on corn, soybean and wheat bearish bets in the CFTC with corn taking the largest swing.
Wheat markets pretty bearish today with lack of fresh inputs, both US and Matif was trading lower. Warmer temps move into the US. US weekly export inspections advanced 16% to 311,314t. Canada’s Saskatchewan harvest is 9% complete and rain received over the past week has been welcomed by producers. UK wheat market does appear a little lacklustre as harvest cracks on through the beneficial weather breaks. London wheat was trading around the £186/187 levels this afternoon with vols pretty light. Matif wheat was trading lower with Sept-23 sitting around the €229.50/t into the close.
USDA announced the sale of 111,700t of corn to Mexico and 159,350t of beans to an unknown destination. Brazil’s Safrinha corn harvest is 77% complete according to Agrural. US weekly corn inspections are up 5% to 482,526t. US oilseed complex found support with Chicago Sep-23 trading up 4 cents at time of writing. Matif rapeseed was pushing lower with Nov-23 sitting at around €468.75/t into the close.
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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