Written Commentary
The Ghost in the Machine Q1 2024
March 19, 2024
ADMISI London Wheat Report for 19 January
- January 20, 2023
- ADMISI Grains Team
- Follow us on Twitter @ADMISI_Ltd
London Wheat Report
Source: FutureSource
It wasn’t too long ago that a ship leaving the Black sea region would make front page news because it was such a rarity. Now today we hear there are so many ships leaving and entering the region that they are stacked up awaiting inspections in Turkish water. The UN said today that over 100 ships are part of a backlog and have asked those involved to ‘’ work to remove obstacles for the reduction of the backlog and improve operational efficiencies’’ Since November, three inspection teams have been deployed daily and so far this month have concluded 5.3 inspections a day, said the United Nations, adding: “In the last two weeks, the average waiting time of vessels between application and inspection is 21 days.”
Corn markets were pretty subdued. Chicago corn reached a 2 month peak and Chicago soybeans reached a 7 month top before markets pulled back. Best Egyptian corn offers today were at the $336/$338 a tonne mark from the Black Sea. Matif corn was trading a couple of Eur lower. Matif wheat futures were also down all day. Across all months, nothing traded above yesterday’s settlements and volume was on par with an average day.
Russian govt is mulling a hike in soybean export duty to 50% in 2023 according to reports, running low or time to pump up the bulls?. Brazilian soybean harvest seems to be progressing well and the rains are bringing relief to Argentina. Matif rapeseed was trading lower again today.
London saw a quiet morning, with a total of 35 lots trading before lunch. After lunch 90 lots traded quickly at 228.00 which helped to add some volume to today’s trading. The afternoon saw a steady trickle of trades between £229 and the LOD £227.00. November 23 had its busiest day for some time. Trading only 50 lots less than its older brother May23. I suspect tomorrow will be quiet (if not just for the morning ) as a result of the Norfolk Grain Dinner which is taking place tonight. ADMISI will be in attendance, unfortunately not everyone could make it, some of us have to be here to man the best grains desk in the world!! I hope everyone enjoys themselves and for anyone reading this Friday morning, BEROCCA!
Contact the ADMISI Grains and Oilseeds Derivatives Brokerage team
Hanne Bell, Ryan Easterbrook, Dominic Enston and Aaron Stockley-Isted
Phone: +44 (0)20 7716 8477 or +44 (0)20 7716 8140 Email: intl.grains@admisi.com
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© 2022 ADM Investor Services International Limited
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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