Written Commentary
The Ghost in the Machine Q1 2024
March 19, 2024
ADMISI London Wheat Report for 5 February
- February 6, 2024
- ADMISI Grains Team
- Follow us on Twitter @ADMISI_Ltd
London Wheat Report
The mild start to February is coming to an end, with falling temperatures in store and the risk of snow for some.
Russian wheat export prices continued to decline last week, still under pressure from oversupply, while shipments rose to a four-month high after better weather at ports, analysts said. The price of 12.5% protein Russian wheat scheduled for free-on-board (FOB) delivery in March was $228 a metric ton, down $7 from the previous week.
Rapeseed output in the European Union is expected to drop by 7% to 18.4 million metric tons this year owing to a sharp decline in the planted area in most EU countries. The decline in rapeseed area, mainly in eastern Europe, is likely result in higher EU imports than in 2023/24, both from Australia and Ukraine.
Global ags markets were in the red in today’s trading, bar the bean complex. Chicago wheat saw double digit losses, as did Minap wheat and Kansas. Soybeans had an early sell off in today’s main session before finding support and were trading up 3 cents at the time of writing.
London was on the slide today after Fridays small gains. Volume was pretty poor with only 250 lots trading across the curve. May4/ Nov4 spread is still trading around the £18 mark. There was a market on the March contract after it traded for the first time on Friday but nothing was done today.
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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