Written Commentary
The Ghost in the Machine Q1 2024
March 19, 2024
ADMISI London Wheat Report for 22 January
- January 23, 2024
- ADMISI Grains Team
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London Wheat Report
European markets trade marginally lower while the Chicago contracts post marginal gains in what was a mixed day of trading. Markets feel somewhat heavy with little bullish news to encourage any positive price action. This was confirmed by the CFTC commitment of traders which saw managed money shorts growing across the board.
Russian wheat export prices are said to have declined last week along with global markets, shipments also dropping with some challenging weather conditions. The situation in the Red Sea has not yet had a significant impact on Russian grain exports, said IKAR head Dmitry Rylko.
China’s soybean imports from Brazil in 2023 have jumped 29% YoY, according to customs data, as they continue to eat into the US market share. Total shipments from Brazil to China were 69.95 MMT last year, where imports from the U.S. fell 13% to 24.17 MMT.
Brazil’s 23/24 soybean harvest hit 6% complete as of last Thursday, says AgRural.
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Ryan Easterbrook and Aaron Stockley-Isted
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