Written Commentary
London Wheat Report
Well, oil prices are on course for their largest weekly fall since March amid a sharp selloff in the markets. Brent crude has dropped by more than 11% this week, a decline of more than $10, trading at the $85/ba today. Joe Biden’s dog has been removed from the White House after biting at least 11 staff. Great innings right there. Rhine water levels are moving lower again. Dozens killed in a Russian missile strike this afternoon at a memorial service near Kharkiv. And the Parisian bed bug infestation is heading across the channel with Transport for London reassuring that they have contingencies in place …. Or is that an acronym for the RMT?
Wheat markets were mixed in today’s trade with US markets firing up. Russian wheat exports are continuing to truck along as Moscow also continues its quest to ensure that export facilities and processing plants are Russian controlled rather than Western. YTD Russian wheat exports stand at 15Mmt, up 59% on last year and no stopping in sight. Rouen weekly exports are also jumping to 405kt, up 33% W-O-W. US weekly wheat sales were within estimates. Matif wheat was pretty flat going with a little touch of support into the close. London was truly unexciting. Not a lot of farmer selling and I can see imports starting to creep in if this continues, maybe a cheeky Panamax of Australian hormonal corn or wheat with a state welcoming from Jacob Rees-Mogg?
Matif Dec-23 settled up €1.25 on yesterday at €235.25/t. Chicago wheat was trading up 18 cents on Dec-23 at time of writing, really shot up post 16.00 London and European markets really did not want to follow.
Chicago corn was also supported in today’s trade. Brazilian corn exports are anticipated at a stonking 8.9Mmt VS 6.17Mmt a year ago. US weekly corn net sales have surpassed 1Mmt. South Korea booked in 130kt of corn in private deals. Oilseed markets were mixed with Chicago soybean s supported while Matif rapeseed was trading lower, Nov-23 settling down €14.500 on yesterday at €424.50/t.
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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.
A subsidiary of Archer Daniels Midland Company.
© 2024 ADM Investor Services International Limited.
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