ADMISI London Wheat Report for 15 May

London Wheat Report

The CME Group CME.O and Euronext ENX.PA exchanges are planning to launch joint futures contracts on the spread between Chicago Board of Trade wheat and Euronext milling wheat futures prices, three sources told Reuters on Wednesday. There will be two products, one cleared by CME and traded in dollars, the other cleared by Euronext and traded in euros, the sources said on the sidelines of the GrainCom conference in Geneva.  There has been no official word from both the CME and Euronext.

Markets were all over the show today, up down, left right, sideways. No one could really pick the bones of why. News stories continue to filter through regarding Russian crop damage, weather issues and crop conditions. It seems the markets are particularly sensitive to any sort of news story at the minute. Below is the daily chart for Chicago wheat, showing just how topsy turvy it’s been today.

Source: CME Group

London traded up over £3 and then down over £2 from yesterday settlement before closing pretty much unchanged. Nov 24 saw over 500 lots traded on screen. May 25 saw its busiest day in some time with over 100 lots trading, this at one stage was trading up over £4 before closing unchanged.

2 days until the Summer Corn Bourse, we look forward to seeing you there.

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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