Written Commentary
ADM Appoints Monish Patolawala as EVP and CFO
July 10, 2024
Most markets bounced today after lower closes yesterday. Talk that Corn and Bean complexes approaching critical support levels. Weather in south America will be key to whether prices can sustain a recovery from here.
Wheat remains a follower but continues to receive the more bearish news reports. The French wheat planted area is expected to rise 12.4% this year to 4.73m hectares, but still lags the five year average by 1.9%. Also, Coceral estimate UK+EU soft wheat crop for 2021 at 143mmt vs 127.9mmt in 2020 thanks to better weather allowing farmers to increase planted areas.
USDA report tomorrow. Little change expected although US export numbers will be keenly watched, as will south American Soybean production. Wheat production may see some small increases for Canada and Australia.
GBP remains volatile as news reports question yesterday’s Brexit deal news and eagerly await the details.
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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.
© 2024 ADM Investor Services International Limited.
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