Written Commentary
Weekend Rains Could Slow Plantings
April 29, 2024
ADMISI London Wheat Report for 25 October
- October 26, 2023
- ADMISI Grains Team
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London Wheat Report
Israel says it has denied a visa to top UN official Martin Griffiths, after comments from the UN Secretary General Antonio Guterres. Guterres said the Hamas attacks on Israel did not happen “in a vacuum”, saying there had been “56 years of suffocating occupation”. Not sure that’s a particularly clever thing to say considering the aim is for de-escalation.
The rain in Ukraine has helped relieve the pain for winter crop development. Conditions have significantly improved after early October drought. Ukraine’s agriculture ministry said on Tuesday that farmers had sown about 5 million hectares of winter crops as of Oct. 24. The area included 3.46 million hectares of winter wheat, or 79.4% of the expected area, the ministry said in a statement.
Chinese importers on Monday signed agreements to buy billions of dollars’ worth of U.S. agricultural goods during a ceremony in Iowa, mostly believed to be soybeans. This was the first such bulk signing since 2017, though unlike past events, this one was minimally publicized. However, it is important to mention the agreements are nonbinding letters of intent to buy at a later date.
A quiet day on the London market today with market coming off again. Volumes were poor with around 150 lots crossing the line across the entire curve. Today was FTD for the Nov 23 contract, and the details are below of the first tenders out the door. Open interest is now 904 lots.
Source: ICE
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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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