Written Commentary
Ag Market View for July 26.24
July 26, 2024
London Wheat Report
Source: FutureSource
In similar fashion to yesterday, markets looked to be correcting lower from the get go, only to turn higher when the US markets opened for the main session. This time it looked like corn was leading the way, but all grains were significantly higher at a stage, across the board. Corn remained supported while the other ags trended back toward unchanged.
Matif milling wheat again posting contract highs, this for the 7th time in 9 sessions!
Brussels shows EU wheat exports 24% higher than this time last year, but when adjusted for French port data this becomes 53% – this is unsustainable and European wheat will need to price itself out of some of this export trade.
Funds are reported to be buying corn due to concerns about higher US 2021/22 corn demand and higher cost of 2022 production that could lower US 2022 planted area. US weekly ethanol production was record high with stocks declining. Trade estimates that USDA may be 400 million bushels too low in US corn demand.
No London wheat Nov21 tenders today. OI stands at 143, and 19 lots traded today.
Balance of Grain held in store
As of COB 26 October 2021
Store No. | Store Name | Balance of Warrants Tendered | Balance of Warrants not Tendered | Total Warrants remaining in Store | ||
347 | Union Grain Store | 39 | 0 | 39 | ||
364 | Aylsham Grain Limited | 50 | 0 | 50 | ||
380 | Yaregrain PLC | 42 | 0 | 42 | ||
389 | Honingham Thorpe Farm | 124 | 0 | 124 | ||
401 | Holkham Farming Co. | 74 | 10 | 84 | ||
404 | South Pickenham Estate Co Ltd | 20 | 91 | 111 | ||
418 | SW Attwood Store | 0 | 30 | 30 | ||
421 | Salle Farms | 27 | 0 | 27 | ||
Oct 27 (Reuters) – Egypt’s state grains buyer, the General Authority for Supply Commodities (GASC), said on Wednesday it had bought 360,000 tonnes of wheat in an international tender.
The purchase comprised 180,000 tonnes of Russian wheat, 120,000 tonnes of Ukrainian wheat, and 60,000 of Romanian wheat, GASC said.
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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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