Written Commentary
The Ghost in the Machine Q1 2024
March 19, 2024
ADMISI London Wheat Report for 3 April
- April 4, 2024
- ADMISI Grains Team
- Follow us on Twitter @ADMISI_Ltd
London Wheat Report
With 115 lots trading on London wheat, it was a slow and uneventful day on our domestic wheat contract.
The US wheat contracts were well supported in today’s main session, Chicago wheat May24 up 12 at the time of writing. This is largely due to a weaker Dollar, but also perhaps news of Moroccan forecast demand and more curbs to Russian wheat exports. This move didn’t offer much support to our European markets, however.
News emerged of Russian authorities having halted grain exports on some ships belonging to Aston, one of the biggest local grain trading houses, watchdog Rosselkhoznadzor has not provided some of the company’s vessels with phytosanitary certificates.
The head of Morocco’s grains and cereals trader federation FNCL stated today that Morocco needs to import at least 5 MMT next season (starting 1st of July), after expectations their domestic soft wheat, durum and barley harvest is to drop to 2.5 MMT this season, from 5.5 million last season, largely due to late and insufficient rain.
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
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.
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.
