Written Commentary
The Ghost in the Machine Q1 2024
March 19, 2024
ADMISI London Wheat Report for 1 February
- February 2, 2024
- ADMISI Grains Team
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London Wheat Report
A day of two halves. London wheat and Matif milling wheat both trading down to fresh contract lows. It has been a steady decline that’s not showing any sign of letting up. Chicago wheat turns positive in the main session, saving the day somewhat and helping it’s European peers to a slightly stronger finish. RSI is showing us London is very are oversold – are we likely to see a decent correction?
The London Nov24/May25 spread trades again at -7, which is a bit of a head-scratcher.
Wheat markets reportedly under pressure from weak demand and falling export prices in Russia. Russia still has a decent surplus to shift before its harvest this Summer.
Argentina’s grains exports hit $1.25 billion in January, 64% higher than January last year. A boost for new libertarian president Milei who sharply devalued the peso after taking office in December. Argentina is one of the world’s top exporters of processed soy, the number 3 for corn and a major supplier of wheat.
Contact the ADMISI Grains and Oilseeds Derivatives Brokerage team
Ryan Easterbrook or Aaron Stockley-Isted
Phone: +44 (0)20 7716 8477 or +44 (0)20 7716 8140 Email: intl.grains@admisi.com
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