Written Commentary
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ADMISI London Wheat Report for 25 April
- April 26, 2023
- ADMISI Grains Team
- Follow us on Twitter @ADMISI_Ltd
London Wheat Report
Source: FutureSource
Well, Joe Biden has announced that he will be standing for US President at the age of 80. Stock market is down today on First Republic Bank’s reported big miss on earnings and deposits yesterday. Sudanese rescue mission gears up in effort as 72hr cease fire sort of works. Ukraine and Russia up the ante again on the Donbas.
Well, wheat markets were off again today. Rumour mill mainly focuses on the Black Sea corridor with Ukraine pressuring the UN to put additional pressure on Russia while the Kremlin fires out the same old rhetoric of things aren’t looking too good. MARS, the EU crop forecasting agency, did release their monthly forecast with an avg. EU winter wheat yield of 5.96mt/ha (+3% YoY, +3% 5YR avg). Stats Can are out with their report tomorrow on the spring wheat forecast, trade are sitting at a guess of 18.9M acres VS 18M acres last year. Chicago wheat was trading lower across the board at time of writing. Crop progress summary below courtesy of Freddie @ ADM Agri.
Corn imports for feed are also weighing in on the European wheat markets, adding additional bearish sentiment. Matif Sep-23 settled down €1.00 on yesterday at €242.75/t.
Well, spicy day on London wheat as FND appeared today. May-23 tenders can be found below:
Stocks
As seen from the Issuers and Receivers report, we have a substantial amount going out to tender on May-23 which shows where we are at. UK wheat is starting to build a problem for itself with lack of domestic demand and little export interest, also compounded by corn.
US corn growers face multiple woes amid China cancellation with a cancellation of a US corn sale could be the start of a series to hit US corn exports. Brazilian bean exports continue to fly, with a reported 50 cargoes from Brazil rumoured. Also chatter regarding quality but this will most undoubtedly be from US sources getting crucified in the export game.
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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.
© 2021 ADM Investor Services International Limited.
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