Written Commentary
The Ghost in the Machine Q4 2023
November 28, 2023
ADMISI London Wheat Report for 9 December
- December 12, 2022
- ADMISI Grains Team
- Follow us on Twitter @ADMISI_Ltd
London Wheat Report
Source: FutureSource
WASDE day today. Pretty much very uneventful really. US wheat supply and demand is largely unchanged from last month really. Global wheat supplies is for primarily decreased supplies and consumption. Production cuts for Argentina and Canada only partially offset by higher Australian production. Argentina is on track for the lowest production on record. Aussie production is raised to 36.6Mmt as per the ABARES forecast. World trade is raised by 2.2Mmt to 210.9Mmt on higher exports by Australia, Ukraine, the EU and Russia more than offsetting reduced exports by Argentina. Aussie export are raised by 1.5Mmt to a near record 27.5Mmt. Projected 2022/23 ending stocks are decreased by 0.5Mmt to 267.3Mmt. This month’s 2022/23 U.S. corn outlook is for lower exports and greater ending stocks. Global course grain production for 2022/23 is forecast down 5.9Mmt to 1,453.6Mmt. Ukraine corn production is sharply lower with reductions in both area and yield. Russian corn production is also lowered. Barley production for Aussie is raised. Corn exports raised for Ukraine but lowered for the US, Russia and the EU. Corn imports increased for the EU. Global corn ending stocks are down 2.4Mmt to 298.4Mmt. Total U.S. oilseed production for 2022/23 is forecast at 127.9 million tons, up slightly due to an increase for cottonseed. US soybean supply and use projections are unchanged from last year. Global oilseed production for 2022/23 is projected at 644.4 million tons, down 1.2 million from last month. Lower sunflower, rapeseed, palm kernel, and cottonseed production forecasts are partly offset by higher soybean output. Global sunflower seed production is reduced for Russia and Ukraine based on harvest results. Canola production for Canada is lowered 0.5 million tons to 19.0 million based on government reports. The global soybean outlook includes higher production, exports, and ending stocks. Production is raised on higher output for India and Ukraine. Exports are raised slightly as higher shipments for Argentina are partly offset by lower exports for Canada and Paraguay. With global crush relatively unchanged, ending stocks are raised 0.5 million tons to 102.7 million. |
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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.
© 2021 ADM Investor Services International Limited.
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