Written Commentary
ADM Appoints Monish Patolawala as EVP and CFO
July 10, 2024
London Wheat Report
The UN’s agency looking after Palestinian refugees (UNRWA) says it could be forced to end operations in the Gaza Strip “as of tomorrow night” if more fuel doesn’t arrive. One person has died and four others are missing after two cargo ships collided off Germany’s North Sea coast. Two of the seven crew members on board the British-flagged Verity, which sank after the accident, were rescued. The cap on bankers’ bonuses is being removed as part of a post-Brexit shake-up of UK financial rules, it has been confirmed.
According to USDA’s crop progress report, rain showers slowed harvest for many US farmers last week, but they’re still on schedule with last year’s pace. 59% of corn and 76% of soybeans have been harvested so far. At the same point in 2022, corn harvest was at 59%, while soybeans were slightly ahead at 78%.
The shore hugging make shift grain corridor from Ukraine has shifted an estimated 700K MT through it, according to Ukrainian officials. Russian attacks are continuing to damage Ukrainian infrastructure.
The Nov23/ Feb24 rapeseed spread was one to watch today. As the near month gained 13 euros, and the Feb 24 lost 6 euros. The spread moved from trading at -38 in to -15. With a week left before Nov 23 goes off the board, the squeeze began.
London Nov 23 enters its tender period tomorrow. Over 200 lots crossed the line today for Nov 23 as those with positions who didn’t want to enter into physical looked to flatten them. May 23 traded down again today. £199 seemed to be the magic number with most of the 200 odd lots trading around this price.
Contact the ADMISI Grains and Oilseeds Derivatives Brokerage team
Hanne Bell, Ryan Easterbrook, Dominic Enston 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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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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