Written Commentary
The Ghost in the Machine Q1 2024
March 19, 2024
ADMISI London Wheat Report for 7 June
- June 8, 2023
- ADMISI Grains Team
- Follow us on Twitter @ADMISI_Ltd
London Wheat Report
Source: FutureSource
Ukraine dam chat continues on the markets although the majority of ag markets have fallen back, drums were being beaten especially on the European front. Drinking water issues and guesstimates to the extent of the flooding damage is coming in. Bank of Canada hikes rates to 4.75%, the highest in 22 years. US trade deficit has widened by the most in 8 years, jumping 23% to $74.6bn, sharpest percentage increase since March 2015. WASDE on Friday.
Well, Black Sea grains talks are set to continue this Friday again in Geneva. There is market chatter on Panama Canal looking a little low although this appears to be market chatter trying to scratch the surface in any way possible by the sounds of it really. Usual Mississippi level chatter. News being fed again about China’s wheat crop but the true extent of this is anyone’s guess. Wheat markets pulled back on yesterday’s gains with both US and European wheat markets pushing lower again. Matif wheat Sep-23 was trading down around the €227 levels having hit highs of €233.75 earlier on today. London wheat was pushing lower.
Soybeans were trading unchanged most of the morning before finding some marginal support in the main session as crude was trading higher. Rapeseed fell back after a decent run higher with Aug-22 coming off the trading high of the day which was €430 back towards the €422 levels.
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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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