Written Commentary
Ag Market View for Apr 19.24
April 19, 2024
ADMISI London Wheat Report for 22 September
- September 22, 2021
- ADMISI Grains Team
- Follow us on Twitter @TradeADMIS
Source: Future Source
US and European ag markets turned bullish following yesterday’s mixed performance. China returns from holiday and the Evergrande saga continues as negotiations to keep the firm afloat but an agreement was reached to meet the local bond interest payment today. Beijing has also pumped liquidity into the Chinese markets to ensure capital availability is sustained. Bond and equity markets have reacted favorably, moving modestly higher and ags have followed suit. Pent up demand and improving Gulf logistics have also offered support. Strong demand for wheat is seen globally with tenders issued from Pakistan (its fifth) to buy 640,000t for the 29th Sept, Philippines 224,000t and Jordan 120,000t . Chicago Dec-21 was trading up 15 cents and Kansas Dec-21 was up 14 cents, Minneapolis Dec-21 was up 14 cents at time of writing.
Matif and London markets followed Chicago higher. Matif Dec-21 settled up €5.25 on yesterday at €249.50/t and Matif Mar-22 settled up €4.25 at €244.75/t. The European commission has stated that around 30Mmt of wheat is set to be exported for the 2021/2022 season. So far, EU exports (6.53Mmt since 01 July) have been dominated by the Eastern European states, primarily Romania and Bulgaria. London wheat followed Pairis, Nov-21 settling up £3.65 on yesterday at £192/t. Russian grain harvest at 102.7Mmt, wheat at 72.6Mmt with 89% complete. The great debate continues. Sovecon raised their wheat harvest projection to 75.6Mmt, up from 75.4Mmt.
Matif rapeseed continued its bullish pace, Nov-21 reaching a trading high today of €615/t before settling up €1.00 on yesterday at €607/t. Canadian Canola Nov-21 was trading up 8 cents at the time of writing. Brussels’ weekly update showed EU imports of 944,000t still running well behind last year’s 1.52Mmt.
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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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