ADMISI London Wheat Report for 8 June

London Wheat Report

LWR Chart 8 June 2023

Source: FutureSource 

Well, the biggest news of the day is little old West Ham are European champions and are now the only team in the world that have won a trophy in last 24 hours. Jarrod Bowen scored a sensational goal in the last minute to send the travelling hammers wheat at the knees. 

The Kremlin said on Thursday that a blast which damaged a pipeline that used to transport ammonia fertiliser from Russia via Ukraine which Moscow wants restarted would have a negative impact on the Black Sea grain deal. The Togliatti-Odesa pipeline, which once pumped up to 2.5 million tonnes of ammonia annually for global export to Ukraine’s Pivdennyi port on the Black Sea from Togliatti in western Russia, has lain idle since the start of the war. Russia has accused Ukrainian forces of blowing up a part of the pipeline, the world’s longest carrying ammonia, in Ukraine’s Kharkiv region on Monday night. The regional Ukrainian governor said Russia was the one who had shelled the pipeline on Tuesday evening. Neither side provided evidence to back their allegations.

Ukraine could lose several million tonnes of crops because of flooding caused by the destruction of the Kakhovka dam in the south of the country, the Ukrainian agriculture ministry said on Thursday. “Without a source of water supply, it is impossible to grow vegetables. Grain and oilseeds will be grown using an extensive model with low yields,” the ministry said in a statement. The ministry said this week dam’s destruction would flood tens of thousands of hectares of agricultural land in southern Ukraine and could turn at least. 

US wheat markets were supported today, Chicago up 10 cents at the time of writing. Kansas wheat was up 10 cents at the time of writing but the biggest gainer was MW which was trading up 23 cents in Jul 23. Matif was supported in today’s trading, as was London. London Jul 23 sprang into action today trading 55 lots between £170 and £173. Nov 23 had a quiet day with volume not breaking over the 200 lot mark between £189 and £194. May 24 saw a small amount of trading, Nov 24 traded twice @ 201.95. All in all a pretty uninspiring day on London. 

USDA tomorrow, 5pm London time. 

Contact the ADMISI Grains and Oilseeds Derivatives Brokerage team

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Phone: +44 (0)20 7716 8477  or  +44 (0)20 7716 8140      Email: intl.grains@admisi.com

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© 2023 ADM Investor Services International Limited3

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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