Written Commentary
The Ghost in the Machine Q1 2024
March 19, 2024
Another day of extreme volatility following the release of the USDA report last night. US markets traded higher but fell sharply following the open. EU wheat markets led the way today, trading up over €8/t at one point before tracking US markets lower. The combination of higher Russian wheat export tax rumours and tight EU wheat carryout are pushing prices higher. London wheat traded good volumes today on both old and new crop but could not follow Paris and traded lower on the day, widening the spread between the two and potentially decreasing import competitiveness. Talk remains that physical markets are quiet despite the higher prices, however a small number of old crop EFP’s suggests at least some wheat is changing hands.
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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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