Written Commentary
ADM Appoints Monish Patolawala as EVP and CFO
July 10, 2024
London Wheat Report
Source: FutureSource
Well, bit of a slower day today really overall. Not too much excitement to be seen really in the macro news.
US crop conditions report from last night actually showed an improvement in the overall outlook, levels still at historically lower levels for crop conditions but nowhere near as bad as the market was trying to gun toward.
Corn Condition 57% Gd/Exc (+2% WoW,-1% YoY)
Soybean Condition 54% Gd/Exc (+2% WoW, -5% YoY)
Winter Wheat Harvest 87% cmplt (+7% WoW, -1% 5yr avg)
Spring Wheat Harvest 11% cmplt (+9% WoW, -3% 5yr avg)
Spring Wheat Condition 41% Gd/Exc (-1% WoW, -23% YoY)
Topsoil Moisture 54% Adeq/Surp (+3% WoW, +1% YoY)
Subsoil Moisture 52% Adeq/Surp (+1% WoW, unch YoY)
Wheat markets were mixed today, not really knowing which way to pull. GASC were in for some wheat, buying 235kt of Russian origin in an international tender coming in at circa $262 FOB. Russian wheat harvest has passed 42% complete with 50.9Mmt gathered apparently according to news outlets. UK is seeing dryer weather appearing so combines are starting to roll again, mixed quality being reported, especially for milling wheat premiums. Chicago wheat didn’t really know what to do today and was trading between unchanged and +/- 5 cents. Matif wheat got a decent kick me up in the afternoon before pulling back a bit, still sitting around the €243/t levels going into the close. London wheat was supported by Matif, with a geriatric trade hitting £203.85/t this afternoon, somebody’s guidance system veered off course there.
Brazilian forward sales for the 2023/24 soybean crop have hit 13.9% according to Safras & Mercado. Brazil has also surpassed Argentina as the world’s biggest soymeal exporter in the first 7 months of 2023 with 13Mmt shipped. Matif rapeseed was trading lower into the close with Brent pushing lower.
Contact the ADMISI Grains and Oilseeds Derivatives Brokerage team
Hanne Bell, Ryan Easterbrook, Dominic Enston and Aaron Stockley-Isted
Phone: +44 (0)20 7716 8477 or +44 (0)20 7716 8140 Email: intl.grains@admisi.com
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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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