Written Commentary
The Ghost in the Machine Q1 2024
March 19, 2024
ADMISI London Wheat Report for 15 January
- January 16, 2024
- ADMISI Grains Team
- Follow us on Twitter @ADMISI_Ltd
London Wheat Report
American officials say Houthis in Yemen have hit a US-owned ship with a missile, but no injuries or significant damage have been reported. A fresh series of strikes has been unveiled by the main train drivers’ union, Aslef, in its long-running pay dispute with 16 train companies. Ukraine’s military says it has shot down a Russian military spy plane over the Sea of Azov, in what analysts say would be a blow to Moscow’s air power.
Brazil’s 2023/24 soybean crop is expected to reach 150.1 million metric tons, agribusiness consultancy AgRural said on Monday, lowering a December forecast of 159.1 million tons as the harvest advances in the world’s top supplier of the oilseed.
Ukraine’s grain exports this month so far have reached 2.1 million metric tons versus 1.7 million a year earlier, agriculture ministry data showed on Monday.
The European Union’s eastern states are demanding the EU impose import duties on Ukraine grains, citing unfair competition, Hungary’s agricultural ministry said on Monday. The ministry said the farm ministers from Bulgaria, Poland, Hungary, Romania and Slovakia had sent a letter to the European Commission requesting the measures, saying cheaper agricultural products from Ukraine are eating into their export markets.
With the American markets closed today for Martin Luther King Jr. Day today, the European markets were left to their own devices. Matif wheat traded in and around Friday’s settlement but eventually found a little support to close slightly higher. Rape had a bounce after last week’s slip into the red. London May24 opened the week by trading down £3.90 for 4 lots before getting off its bottom to still close down. With May4 trading down, the spread between old and new crop increased to over £15 at one point today before pulling back to close around £14. Both May and Nov closed down on Friday’s settlement, May more than Nov. Volume was into the hundreds for both old and new crop but wasn’t anything to write home about.
US markets are back open tomorrow, let’s see what that brings.
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