Written Commentary
The Ghost in the Machine Q1 2024
March 19, 2024
ADMISI London Wheat Report for 13 April
- April 13, 2021
- ADMISI Research Team
- Follow us on Twitter @ADMISI_Ltd
Reuters today reporting comments made by the head of the French oilseed growers group FOB stating that between 40,000 and 50,000 hectares of rapeseed have been damaged in France since sowing, cutting the sown area to 900,000. Damage has been caused from cold snaps, frost last week and pest attacks early in the season.
After 2 sessions in the red corn was back today pushing higher reportedly on concerns of the dry weather in the US grain belt; whilst this will help plantings it will likely limit yields.
US weekly crop conditions report saw winter wheat conditions unchanged on the week at 53% good to excellent but below the 62% a year ago. Corn plantings are 4% versus 3% average.
Looking closer to home, UK wheat imports slowed in February but are still running well above last season’s pace. Imports in February totalled 94,956 tonnes which is down from 106,531 tonnes in January. Cumulative imports since the start of the 2020/21 season totalled 1.67 million tonnes, up from 674,788 tonnes in the same period a year earlier. UK exports for the season to date stand at 144,179 tonnes, much lower than the 958,660 tonnes exported in the same period last year.
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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.
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