Written Commentary
The Ghost in the Machine Q1 2024
March 19, 2024
ADMISI London Wheat Report for 10 April
- April 11, 2024
- ADMISI Grains Team
- Follow us on Twitter @ADMISI_Ltd
London Wheat Report
Some green on the screen in the grains today. Milling wheat saw a decent move higher (May24 settles up 3.50 on the day) while London wheat was again sluggish to react. It doesn’t sound like there’s been much on in the UK physical trade this week and this is reflected in the futures.
The US Dollar index climbed over 1% on the back of a higher than expected CPI print. The March consumer price index increased 0.4% when up 0.3% was expected, and the consumer price index excluding food and energy advanced 0.4% when a gain of 0.3% was anticipated. This kept a lid on US grains to some degree, although they still were trading in the green.
It’s reported that 600 kt of corn could leave Ukraine for China in April, says Spike Brokers, which tracks and publishes export statistics. Ukrainian analysts say at least 22 million tons of corn could be exported in the 2023/24 season. Farm ministry data shows 20.1 MMT of corn had been exported as of April 10.
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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