Written Commentary
The Ghost in the Machine Q1 2024
March 19, 2024
ADMISI London Wheat Report for 20 February
- February 21, 2024
- ADMISI Grains Team
- Follow us on Twitter @ADMISI_Ltd
London Wheat Report
The UK recession may already be over and there are now “distinct signs of an upturn”, the Bank of England’s governor has said. By historical standards “this is the weakest recession by a long way,” Andrew Bailey told MPs.
Protests by Polish farmers sparked anger in neighbouring Ukraine on Tuesday, as Kyiv called on the European Commission to take robust action after demonstrators blockaded the border and opened railway carriages to let grain spill out. Tuesday’s protests from farmers marked an escalation from previous demonstrations, with a near-total blockade of all Ukrainian border crossings and disruption at ports and on roads nationwide.
Ukraine’s combined grain and oilseeds exports rose to 3.1 million metric tons in Feb. 1-15 from 2.2 million tons in the same period in January, the Ukrainian traders’ union UGA said on Tuesday.
Global Ags markets were well supported today. Beans and Corn were trading up 7 and 3 cents at the time of writing respectively. Kansas and Chicago wheat were trading up 20 cents also. Matif wheat was well supported closing up on average 4 euros across the curve.
Well London had an exciting day today. At one point old crop May 4 was trading up over £5.10 all be it for not very long. Morning started with May trading down £2 before finding support after Matif took a bounce after the open. After hitting the highs of 165.10, it cooled to find most of the volume going through around the £161 mark. Just under 200 lots traded for May. Nov had a quieter day where volume was just into double figures. Nov traded up today £2.50 late on before 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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