Written Commentary
Ag Market View for Apr 26.24
April 26, 2024
ADMISI London Wheat Report for 29 August
- August 30, 2023
- ADMISI Grains Team
- Follow us on Twitter @TradeADMIS
London Wheat Report
Hope you all had an enjoyable Bank Holiday weekend and are now back at the grind!
First day of the enlarged ULEZ in London today and plenty of excitement going on against the draconian expansion of the scheme. Flight chaos carries on. US job openings in July post third straight monthly drop. Private funeral held for Progozhin in St Petersburg today according to Russian sources. Wall Street extended gains on the back of the weaker-than-expected job openings data.
Corn ratings were down 2% to 56% gd/ex while beans were down 1% to 58% gd/ex. Trade expectations for beans were the crop rating to be down circa 2/3 % so that came in under.
US and European wheat markets were lower again today, dropping further for the second day this week. Russian grain exports are flying with a reported 6.4Mmt which includes a whopping 5.36Mmt of wheat, up 29% on July and figures being muted, circa 7.3Mmt for the month of August with 6.1Mmt of wheat being included in that. EU weekly wheat exports have increased, amounting to 259,904t in the week ending August 28th. Chicago was pushing lower with Dec-23 hovering around the 603 levels at time of writing. Matif Dec-23 was also pushing lower, trading around the €236 level into the close, down €4.25 on yesterday’s settlement. London wheat also followed Matif lower with Nov-23 pushing down, trading into the £186.50 levels toward the close.
USDA announced 246kt of 23/24 beans to unknown and 105kt of 23/24 meal and cake to unknown. Anec have pegged Brazilian exports at 7.3Mmt of soybeans and 9.1Mmt of corn in August. Brazil’s second corn harvest is estimated at 84% with Brazil’s 23/24 bean production sat at 162.8Mmt VS 154.6Mmt in 22/23. Matif rapeseed pushed lower with Nov-23 touching €463/t as it traded into the close.
Contact the ADMISI Grains and Oilseeds Derivatives Brokerage team
Hanne Bell, Ryan Easterbrook, Dominic Enston and Aaron Stockley-Isted
Phone: +44 (0)20 7716 8477 or +44 (0)20 7716 8140 Email: intl.grains@admisi.com
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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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