Written Commentary
ADM Corporate Sustainability Report 2023
May 16, 2024
ADMISI London Wheat Report for 7 May
- May 8, 2024
- ADMISI Grains Team
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London Wheat Report
A strong start on London with our domestic wheat contract playing catch up after the long weekend. Wheat was on fire yesterday as funds rushed to cover their shorts with ongoing concerns of persistent dryness in Southern Russia and crops in Western Europe that are in need of some drier and warmer weather. Soybeans were also charging higher, trading to their highest level since January. Talk that excess rains could trim the Brazilian soybean Crop could be adding some supply risk to soybean prices.
USDA WASDE out on Friday and this will be their first 24/25 estimates. Average estimates are looking for US and world stocks to be up year-on-year.
Source: Benson Quinn Commodities
Some decent volume trading on London wheat in today’s session. Some decent farmer selling into the rally and more consumer interest with the potential upside if the weather concerns persist. We have come a long way from the 170s that were trading in Feb and early March. The below chart takes a look at London wheat Nov24.
Source: Reuters
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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