Written Commentary
The Ghost in the Machine Q1 2024
March 19, 2024
ADMISI London Wheat Report for 7 February
- February 8, 2024
- ADMISI Grains Team
- Follow us on Twitter @ADMISI_Ltd
London Wheat Report
Ag markets are largely lower in choppy, volatile trade ahead of tomorrow’s data updates from the USDA, Stats Canada, Conab and the BAGE.
The slide continues on London wheat, seeing reasonable losses despite Chicago wheat with a bounce in the main session. The May24/Nov24 spread trades out to -19.50, and settles 1.25 lower on the day at -18.75.
Chicago wheat trading up 9 cents the time of writing, apparently some short covering on the back of forecast of a polar vortex bringing colder than normal temps across US winter wheat crop areas late in February.
There is talk that China has bought 4-5 soybean cargoes from Argentina for June and could cancel same amount from US. There is also talk that Argentina may have bought Brazil soybeans to crush which could lower demand for US soymeal exports.
Euronext commodities are lower across the board with rapeseed in particular taking a pounding, giving back all of yesterday’s gains with interest.
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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