Written Commentary
The Ghost in the Machine Q1 2024
March 19, 2024
ADMISI London Wheat Report for 30 January
- January 31, 2024
- ADMISI Grains Team
- Follow us on Twitter @ADMISI_Ltd
London Wheat Report
The Democratic Unionist Party (DUP) says it will return to power-sharing at the Northern Ireland Assembly, subject to an agreement with the UK government. The International Monetary Fund (IMF) has “advised the UK against further tax cuts”, as it launched its latest assessment of the world economy.
Second day of ‘’Le Siege’’ continued today as French farmers are blocking roads into Paris intended to ‘’starve the city’’. Reports suggest the farmers feasted overnight on wine and sausages whilst sleeping in their tractors. Bales of hay were set ablaze and police were on standby to stop the tractors approaching major cities.
The Russian government published a decree on Thursday introducing quotas for the import of seeds from what it designates as “unfriendly” countries, to last until the end of the year. Russia considers countries including the United States, Britain and the European Union as officially “unfriendly”.
Turnaround Tuesday! Markets started with the same downward trend as they did yesterday only this time, the US main session turned positive which in turn dragged London and Matif with it.
In Chicago, Beans, Corn and Wheat all turned green on the screen in the afternoon. Corn was down 5 cents before turning a corner and trading up 6 cents at the time of writing. Beans were trading in a 15 cent range, the overnight session saw them trading down 5 cents and then the main session turnaround saw them trading positively by 20 cents. Chicago wheat was trading down 9 cents before the afternoon turnaround took it positive by 9 cents.
London and Matif opened down, London was down over a pound, Matif down over a Euro before the afternoon session took them both positive. May closed slightly and Nov was pretty much unchanged at the close of play. May4/ Nov4 spread widened slightly to £17.50 at one stage in the day. Volume wasn’t as strong as yesterday and in total under 400 lots crossed the line across the whole curve.
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
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