Written Commentary
ADM Corporate Sustainability Report 2023
May 16, 2024
ADMISI London Wheat Report for 2 January
- January 3, 2024
- ADMISI Grains Team
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London Wheat Report
Happy New Year one and all!
Five people aboard a Japanese coastguard plane have died after their aircraft collided with a passenger plane at Tokyo’s Haneda Airport. High winds and heavy rain are battering a large swathe of the UK as the small but potent Storm Henk hits. Hamas says its deputy head Saleh al-Arouri has been killed in a blast in Beirut.
Ukraine said today that 13m tonnes of cargo have been exported through the black sea corridor despite systematic attacks on infrastructure. According to Deputy Prime Minister Oleksandr Kubrakov, 430 vessels have loaded through the corridor.
Denmark’s Maersk said on Tuesday it would continue to pause all cargo shipments through the Red Sea following a weekend attack on one of its ships.
Argentina farm exports totalled close to $20 billion in 2023, this according to the data from the country’s major oilseed crushing and export body. This is, however, half the previous year’s figure. The demise was said to be largely because of bad weather which reduced agricultural output.
American markets were open again for the main session after the New Year’s holiday and what a main session it has been. Beans opened WELL down and never got any higher. They were down 30 cents at the time of writing. Meal and Oil also took a hammering. Corn was down 8 cents at the time of writing. Wheat markets were also heavily in the red today. Chicago and Kansas wheat were down the best part of 15 cents.
Matif wheat had been trading slightly up in the morning before the US dragged it down. Volume in the morning was sluggish but eventually got going and traded to close down 1.50 on average across the curve. London traded down all day. Unlike the French, the UK market didn’t need the US to help it out and give it some direction. Volume was ok with over 200 lots crossing the line in total across the curve. The Majority of the volume was before lunch. Slightly less inspiring afternoon. Possibly, most people were too busy watching the US markets taking a pasting to worry about the London wheat.
Contact the ADMISI Grains and Oilseeds Derivatives Brokerage team
Hanne Bell, Ryan Easterbrook 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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© 2024 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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