Written Commentary
Ag Market View for Apr 26.24
April 26, 2024
ADMISI London Wheat Report for 22 August
- August 23, 2023
- ADMISI Grains Team
- Follow us on Twitter @TradeADMIS
London Wheat Report
BRICS summit meets in South Africa without Putin who has sent delegates. Lots of chatter about the space race to the South Pole of the moon with India gunning to get there next. Wagner’s Yevgeny Prigozhin has resurfaced in Africa. UK government transferred a record £14.3bn to the BOE last month, the largest payment in history to fund bond losses. Panama Canal is struggling for water levels as vessels start queuing up.
USDA crop ratings didn’t do anything too exciting as figures came out within market expectations. Ratings for corn improved, stayed the same for beans and went down again for sprint wheat. So more to come on this we can say for sure.
GASC are now on the hunt for wheat with 60kt of Romanian booked in at $270.25/t CFR. Russian wheat harvest pace is down 7% Y-O-Y with 68Mmt in the bins and 58% of the completed area harvested thus far. SovEcon boosted its wheat crop forecast to 92.1Mmt last week as yields are riding with the central region averaging 5t/ha. EU weekly exports remain steady at 223kt in the W/E August 21st. MARs downgraded average EU 27 yields marginally although this has little input on trade expectations. Matif wheat was trading marginally lower to unchanged for most of the afternoon. London had a quiet day with volumes thing and trading marginally under yesterday’s settlements for both Nov-23 and May-24.
USDA announced 224kt of corn sold to Mexico for the first half of 24/25. EU soybean imports are at 1.7Mmt in year to date. Chicago soybeans were pushing much lower today with Nov-23 trading down 20 cents at time of writing. Matif rapeseed was also lower with Nov-23 trading around the €465/t into the close.
Contact the ADMISI Grains and Oilseeds Derivatives Brokerage team
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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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