Written Commentary
Ag Market View for Apr 25.24
April 25, 2024
ADMISI London Wheat Report for 22 February
- February 23, 2023
- ADMISI Grains Team
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London Wheat Report
Source: FutureSource
Much of the same old, same old in global wheat markets today. Across the board the markets were all in the red. No fresh bullish news could do anything to boost the falling markets.
Russian Wheat prices are weighing down the European and global wheat markets. Russia’s total 2022/23 wheat crop is expected to top 100 million metric tons (a record), according to researcher SovEcon. For the coming season, production is projected at 86 million metric tons. Ending stocks for 2022/23 are expected to be the highest since 2009/10, according to USDA figures.
The Egyptian tender closed today and the lowest offer on Wednesday was for Russian wheat, while the only offer of non-Black Sea wheat, for French supplies, was the most expensive, according to traders. Jordan’s state grain buyer has purchased about 60,000 tonnes of animal feed barley to be sourced from optional origins in an international tender which closed on Wednesday, traders said. It was bought at an estimated $295 a tonne c&f for shipment in the second half of July.
London Wheat Volumes were very low today, the whole contract couldn’t bring itself to breach 200 lot mark. March London Wheat contact could be tendered from today and the results are shown below.
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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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