Written Commentary
The Ghost in the Machine Q1 2024
March 19, 2024
ADMISI London Wheat Report for 26 January
- January 29, 2024
- ADMISI Grains Team
- Follow us on Twitter @ADMISI_Ltd
London Wheat Report
Source: Futuresource
Another down day on London wheat futures, as we continue to set new contract lows. Whilst we are weaker across the curve it is the old crop May24 that is taking the brunt of it with a fair amount of grain still sat on farm that’s starting to make it’s way onto the market.
May24 London wheat seen below (Source: Reuters)
The Nov24/May25 saw some volume today, 128 lots going through at -7.50. There was a decent iceberg bid at this level that seems to been depleted after a few days of continuous trade.
Chicago wheat sees it’s first down day in 6 sessions. Mar24 down 15 cents at the time of writing, giving back almost all of the week’s gains.
Chinese customs authorities have included Argentine companies in its list of those approved to export wheat to China for the first time, the Argentine government said on Friday, potentially opening up sales.
Soybeans continued to be sold off with increased estimates for Argentina’s harvest adding to the price pressure of the large South American crop.
Good weekend all.
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