Written Commentary
Ag Market View for Dec 11.24
December 11, 2024
Source: Future Source
Another up and down day on the wheat markets – firmer from the outset, then turning lower in the afternoon and into the close. There didn’t seems to be anything in particular to cause the sell off and looks to be more of a correction after what has been a reasonable bull run.
Matif Corn AUG21 was squeezed today, although volumes were thin it traded at an all-time high at 320 ahead of first notice day tomorrow. New crop corn however trades lower as the expectation of poor quality what crops is likely to lead to more feed wheat availability on the continent.
France’s farm ministry today lowered their 2021 soft wheat production forecast to 36.69 MMT, down from 37.10 MMT in last months report. They also warned of risks to crop quality on the back of the wet weather they have experienced. This 2021 revised figure is still 25.8% above last year figure and 10% above the 5 year average. Barley is revised up to 11.69 MMT, from 11.29 MMT last month, which is 12.2% above last year. Rapeseed is forecast to be 3.22MMT, up from 3 MMT last month but this is 2.1% lower than last year.
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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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