Written Commentary
Ag Market View for May 3.24
May 3, 2024
ADMISI London Wheat Report for 28 June
- June 29, 2023
- ADMISI Grains Team
- Follow us on Twitter @TradeADMIS
London Wheat Report
Source: FutureSource
Aussies appeared to be doing not too badly today at Lord’s. Just Stop Oil protesters briefly disrupted the first morning of the second Ashes Test, with one carried off the Lord’s ground by England wicketkeeper Jonny Bairstow. Lots of layoffs on the market with UBS now unveiling their long awaited plans to cut thousands of jobs post Credit Suisse takeover – 30% of the expanded workforce totalling 120,000 are facing the axe reportedly. Riots in Paris following the shooting of a teenager by police last night.
Weather looking good with Europe, Aussie, South America all getting good levels of precip. Canadian prairies looking a little dry. North Africa still dry.
Wheat markets were on the downward yet again today. Stats Can was bearish in terms of acre with wheat acres increasing by 7% on last year at 26.9M acres. Debates happening on Ukraine’s 2023 wheat harvest with the Ag ministry pegging it at 17Mmt but with the trade expecting circa 24Mmt which is a pretty significant spread. Average Ukrainian wheat yield could even reach 5.46t/ha. Chicago wheat fell back even further yet again today on weather. Matif wheat also pulled back with Sept-23 pushing lower, hitting a trading low of €231.25 before settling down €5.25 on yesterday at €231.25/t. Volumes on Matif were pretty decent today and following strong on the back of yesterday, in comparison to last week’s vols. London wheat also pulled back with Nov-23 initially pushing up through the £200 level before falling back and settling down again on yesterday.
Mexico reportedly booked 170kt of corn which was exciting. Not that it helped Chicago corn much in its trajectory. Soybeans were smashing down again. Matif rapeseed Aug-23 settle down €4.00 on yesterday at €430.25/t.
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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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