Written Commentary
Ag Market View for Apr 18.24
April 18, 2024
ADMISI London Wheat Report for 25 January
- January 26, 2023
- ADMISI Grains Team
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London Wheat Report
Source: FutureSource
Grain markets were said to be trading ‘’firm to sideways’’ today. Wheat was supported on the back of feed demand and global tenders. Iraq is tendering for 50k tonnes of wheat this week. They have restricted the tender to only the U.S. Canada, and Australia. Beans are lower as China is still on holiday and Brazil is ramping up the harvest campaign. 100k MT of corn sold to unknown and 130k MT of soybeans sold to unknown.
Around 94% of Russia’s winter crops are in a good or satisfactory condition, Russia’s agriculture ministry said on Wednesday. In some of the country’s key southern agricultural regions, such as Rostov and Volgograd, around 98% of winter crops are in good condition, it added. In the Krasnodar region, 100% of crops successfully grew through the winter season, the ministry said. The news came off the back of weeks of worry that the cold difficult winter conditions would have a negative effect on this year’s crop. According to Russia’s agriculture ministry, the snow that has blanketed some regions for some time hasn’t had a negative impact on the winter crop what so ever.
Japan’s Ministry of Agriculture, Forestry and Fisheries (MAFF) said it received no offers for the 70,000 tonne feed wheat and 40,000 feed barley tender it sought last week. The Japanese were looking for feed-quality wheat or barley in a simultaneous buy and sell (SBS) auction that closed late on Wednesday.
London had a quiet day with only the May 23 contract trading. The contract traded in a range of £224 to £226.5, over 300 lots crossed the line.
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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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