Written Commentary
ADM Reports Q1 2024 Results
April 30, 2024
ADMISI London Wheat Report for 2 April
- April 3, 2024
- ADMISI Grains Team
- Follow us on Twitter @ADMISI_Ltd
London Wheat Report
We didn’t see any fireworks after the 4day weekend and London wheat had a pretty slow start. Nov25 was the first to trade, with a 25 lot clip at 195.00. That’s likely to lead to a big jump in the 45 lot open interest!
Wheat prices in the US rallied to 4 week highs, following corn higher as a result of Thursday’s USDA report, and the markets have been sliding since. A lack of follow on bullish news, no real weather woes and decent US crop ratings. In the USDA’s first crop progress report of the year they have rated wheat at 56% good/excellent. This is marginally lower that the avg trade expectation but the highest for this time of the year since 2019 (28% this time last year).
India has asked trade houses to avoid buying new crop wheat from local farmers to help the government-backed Food Corporation of India (FCI) purchase large quantities to shore up its depleting reserves, sources said. It’s first such guidance since 2022. India banned exports in 2022, and according to the USDA they are likely to import 2MMT this year.
Soybeans rallied back closer to $12.00, supported by higher soyoil prices. Soyoil supported by new all-time highs in palmoil and lower US soyoil stocks.
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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