Written Commentary
The Ghost in the Machine Q1 2024
March 19, 2024
ADMISI London Wheat Report for 14 February
- February 15, 2024
- ADMISI Grains Team
- Follow us on Twitter @ADMISI_Ltd
London Wheat Report
UK inflation was 4% in January, the same rate as in December, latest figures show Forecasters had expected a slight rise to 4.2%. On a monthly basis, food prices fell in January for the first time since September 2021.
A Russian amphibious ship, the Caesar Kunikov, has sunk off the coast of Russian-occupied Crimea, according to Ukraine’s armed forces. Powerful explosions were heard early on Wednesday morning, according to local social media, which suggested the landing ship had been hit not far south of the town of Yalta.
Farm office FranceAgriMer on Wednesday raised its forecast for French soft wheat stocks at the end of this season to a 19-year high as competition from Ukraine curbs French exports to other European Union countries.
Plentiful rains in recent days across Argentina’s main growing regions have provided much-needed relief to the country’s soy and corn crops, which had been punished by a heat wave and dry weather in the weeks before, the Rosario grains exchange said on Wednesday.
Roses are red, wheat is brown. It’s Valentine’s Day and global ags markets are down. Same old story across the board for the world Ags markets. Nothing bullish to fire Cupid’s arrow upwards. There isn’t much love for Corn at the minute which is testing new contract lows dropped a further 8 cents at the time of writing. All US wheat products were into double digit losses at the time of writing.
Similar story on European wheat. Matif continues on its downward trend with the market losing around 2.50 Euros on average across the curve as it seems people are falling out of love for European wheat. In London both May and Nov 24 were trading down all day. Volume was fair with over 500 lots crossing the line split evenly between the two expiries. May/Nov4 spread continues to flirt around the £19 mark.
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
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.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM. The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.
