Written Commentary
Happy Holidays From ADM Investor Services!
December 18, 2024
London Wheat Report
Brazilian farmers are expected to reap 147.685 million metric tons of soybeans in the 2023/2024 cycle, 1.16 million tons more than forecast in April, as national crop agency Conab revised the size of the area planted with the oilseed on Tuesday. This wasn’t seen by many, news of late coming from the region has been devastating floods that has destroyed crops and infrastructure. Soybeans traded down all day.
Whet markets yesterday were on the charge, Russian frost worries and reduced supply from that region was a far cry today as they gave back all their gains from the previous day. US, Matif and London wheat were all trading in the red all day. News from out of Russia that it has lost crops on about 500,000 hectares this year due to bad weather, the nominee for agriculture minister Oksana Lut told parliament on Tuesday had obviously already been priced in as this couldn’t give the market any support. Matif closed 7 euros down on average across the curve. Chicago wheat was trading down 18 cents at the time of writing.
London was pretty busy and over 650 lots crossed the line for November 24. The majority of the volume was around the £222 mark but later in the day as Matif and Us continued to slide further into the red, Nov got down as low as £218 which is £7 off yesterday’s settlement. May 25 also slipped £6.75 and was trading @ 224.70 on the close.
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
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