Written Commentary
Happy Holidays From ADM Investor Services!
December 18, 2024
London Wheat Report
It was not a good day to be a grain, an oilseed or an English supporter. A pretty dismal start to the week across the entire grains and oilseeds complex.
Soybean prices extended last week’s declines to reach their lowest since 2020 while corn also fell, with both pressured by good US crop prospects.
Rapeseed also dumped on the open, trading back to mid-June levels after giving back over 8% in a week.
Wheat was lower from the get-go on the back of good prospects for both harvest size and progress in the US and well and increased Russian wheat forecasts. Russia’s IKAR have increased their 2024 Wheat crop estimate to 83.2mmt from 82mmt.
Chicago SRW Dec24 (orange) and Matif milling wheat Dec24 (purple) seen below. Whilst Matif Dec24 is back to mid-April levels and we have been a fair bit lower, Chicago wheat Dec24 trades to fresh contract lows.
Source: Refinitive
Contact the ADMISI Grains and Oilseeds Derivatives Brokerage team
Ryan Easterbrook, Aaron Stockley-Isted and Jamie Kirkwood
Phone: +44 (0)20 7716 8477 or +44 (0)20 7716 8140 Email: intl.grains@admisi.com
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