Written Commentary
Ag Market View for July 26.24
July 26, 2024
Source: Future Source
The US markets are back from the long weekend and back with a bang. Holiday weekend rains across the Dakotas and moving into MN, IA, WI and NE Neb has taken much of the 2021 crop weather premium out of the market. Grains and oilseeds are sharply lower, across the board. Corn is limit down out to July22, and soybeans down over 90 cents out to Mar22. This move has given back just about the entire move that followed last week’s USDA quarterly stocks and acreage report. Below we see Nov21 soybean (green) and Dec21 corn (purple) , both have seen unprecedented volatility.
Source: Thomson Reuters
179 lots of July21 London wheat tendered today, which takes care of the 179 lot open interest ahead of the expiry tomorrow. After this we saw a further 15 lots trade, posting a reasonable gain on the July21 whilst the rest of the markets were sold off. This is a result of harvests that are likely to be latter that normal this year and this is turning the attention back to old crop supplies.
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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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