ADMISI London Wheat Report for 31 January

London Wheat Report

LWR 31.01.23 Chart

Source: FutureSource 

A day of two halves across the ag markets but particularly wheat, largely led by the US contracts, lower in the overnight and supported in the main session. Some suspected short covering adding fuel to the CBOT wheat markets with concerns over the winter wheat conditions. Supportive economic data also adds support, the IMF raised their forecast for global GDP in 2023 to +2.9% from their previous est. of +2.7%. This as a result of stronger economic growth in China. The IMF raised their Chinese GDP forecast for 2023 to +5.2% from +4.4%.

Forecasts still offer modest rain in Argentina Wed/Thurs. Scattered rains in Brazil is slowing some of the soybean harvest and creating some concern over corn plantings.

GASC announced another tender for wheat that will be supported by World Bank (30k – 60k) for Feb/March shipment.

Contact the Team

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

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© 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.

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