Written Commentary
ADM Reports Q1 2024 Results
April 30, 2024
ADMISI London Wheat Report for 14 January
- January 17, 2022
- ADMISI Grains Team
- Follow us on Twitter @ADMISI_Ltd
London Wheat Report
Source: FutureSource
Another down day on our domestic wheat market, in line with its global peers. Wheat specific news was limited, there certainly wasn’t much bullish news to feed the market.
Algeria’s state grains agency OAIC purchased around 600,000 tonnes of milling wheat and this is reportedly to be sourced mainly from South America and the Black Sea region with French wheat again overlooked.
London wheat May22 (orange) and Milling wheat May22 (purple) seen below. The sell off since Christmas has been dramatic. How much lower will we go?
GBP hit 10 week highs against USD and 23 month highs against EUR this week, whilst this hasn’t
been the main driver to the London wheat turnaround, it hasn’t helped London
wheat’s cause. Are we in for some more GBP upside or will it turn and will this
bring about an upside correction on our domestic London wheat future.
Soybeans slipped to their lowest price in a week in today’s trade, largely due to better
weather forecasts in South America.
Chinese customs data showed them importing 96.52MMT of soybeans in 2021, down 3.8% from
the 100.33MMT purchased in 2020. The lower demand reportedly due to falling hog
margins and increased wheat feeding.
Contact the ADMISI Grains and Oilseeds Derivatives Brokerage team
Hanne Bell, Ryan Easterbrook, Dominic Enston, Aaron Stockley-Isted
Phone: +44 (0)20 7716 8477 or +44 (0)20 7716 8140 Email: intl.grains@admisi.com
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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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