ADMISI London Wheat Report for 28 April

London Wheat Report

Source: FutureSource 

US grains and oilseeds were mixed today with a firmer bias for wheat and corn. Key factors offering support remain intact and much of the corn belt weather remains supportive. Chicago wheat was trading up. Argentine wheat fob values remain firm with May up river 11.5 reportedly trading at $430/t which is at a premium to a few weeks ago and on parity to EU fob values but significant freight disadvantage which once again suggests Argentina was oversold. Aussie domestic prices remain stagnant with no threat yet to plantings from the ongoing rain in the east.

 

Ukrainian infrastructure continues to be targeted with reports that the main road-rail bridge between Reni and Izmail in Western Ukraine has been destroyed. This is a key grains route to river terminals on the Danube which in the current climate, offers an alternative to rail into Poland. Black Sea values are varied and a bit of an unknown. Will be interesting to see the results of Turkey’s tender tomorrow. Matif wheat was bullish on Ukrainian sentiment and dry weather in Northern Europe with Sep-22 settling up €6.75 on yesterday at €385/t.

 

US weekly corn sales showed another good week. USDA announced another sale of 476kt MT old crop corn and 612kt of new crop corn. Ukrlandfarming is loading the first Panamax with Ukrainian corn from Constanta. Matif Jun-22 corn settled up €2.00 on yesterday at €343.50/t.

 

Matif rapeseed Aug-22 settled higher, up €1.25 on last night at €877.75/t. Chicago soybean oil was also supported. Brent crude was trading up 1.5% at $106.90/ba at time of writing.

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

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.

© 2022 ADM Investor Services International Limited

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.

Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

Latest News & Market Commentary

Explore the latest edition of The Ghost in the Machine

Explore Now