Written Commentary
Ag Market View for July 26.24
July 26, 2024
Source: Future Source
The rollercoaster continues. The market was expecting some sort of correction after a sustained bull run and today looked to be just that with Corn July trading limit down in the overnight session. This was however short-lived and perhaps more profit taking than an actual correction, with old crop corn back firmly in positive territory and wheat trading around unchanged at the time of writing.
London wheat Nov21 seen below. It is clear this contract has seen a substantial run, gaining 16+% since the beginning of the month. After trading down 6.75 at a stage today we miraculously manage to settle at 190, down only 75p. Are we likely to see a similar bounce in future corrections?
Source: Thomson Reuters
May21 London wheat saw 414 lots trade today, this was due to 400 lots worth of AAs, and is likely to take the OI down to around 1,600 contracts.
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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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