Written Commentary
ADM Reports Q1 2024 Results
April 30, 2024
ADMISI London Wheat Report for 23 April
- April 24, 2024
- ADMISI Grains Team
- Follow us on Twitter @ADMISI_Ltd
London Wheat Report
The U.S. Department of Agriculture’s (USDA) weekly crop progress report showed 50% of U.S. winter wheat crop in good-to-excellent condition. The ratings are still the highest for this time of year since 2020, though the surprising reduction may increase concerns about dry weather in the southern Plains. Corn, soy and spring wheat plantings were in line with analyst estimates.
A leading forecaster has cut its forecast for wheat output this year in Ukraine, a leading exporter of the grain, to 19.93 million metric tons, down some 230,000 tons from previously and 11% below the year before due to a lower planted area. The forecast compares to a five-year average of 25.9 million tons, it said.
Yesterday’s fireworks continued this morning for the first hour, Chicago, Matif and London were all trading up some way. By mid-morning the turnaround had started and by lunchtime Matif and London were trading where they started on Monday morning.
London May enters its first tender day tomorrow. May4 still has an open interest of 1761 lots so all eyes will be on what sort of size tender we will see tomorrow. May4 traded between £176 and £181 today, with volume into the 200s. Nov 4 had an exciting day with volume the best it’s been for some time. Nearly 650 lots crossed the line between £199.75 and 206.00. Eventually closing well down.
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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