Written Commentary
ADM Appoints Monish Patolawala as EVP and CFO
July 10, 2024
All the days focus was on the US elections and whilst writing it still looks too close to call. A Trump victory might mean another four years of political tensions with China.
London wheat trades higher on a weaker GBP and firmer Matif milling wheat but again lacked any significant volume. Matif Milling wheat trading higher despite a stronger EUR, reportedly finding support from Chinese and Algerian demand.
PARIS, Nov 3 (Reuters) – French soft wheat shipments outside the European Union in October reached their highest monthly level for the season, buoyed by a record volume of exports to China, an initial estimate based on Refinitiv data showed. Soft wheat exports to destinations outside the EU totalled 703,000 tonnes in October, the fourth month of the 2020/21 season, the Refinitiv loading data showed. China was the largest importer of French soft wheat outside the EU in October, accounting for 524,000 tonnes. That was the largest monthly volume for soft wheat shipments to China in Refinitiv records going back to the 2009/10 season.
There are stories emerging of US soybean being loaded in the US Gulf bound for Brazil. Last time Brazil imported US beans in quantity was 1997. This accompanied by Informa reducing soybean production numbers in yesterday’s report may have helping Soybeans higher, Jan21 trading up 22.25 cents at the time of writing.
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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.
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