Written Commentary
ADM Appoints Monish Patolawala as EVP and CFO
July 10, 2024
London wheat struggled for direction today with Paris trading either side of unchanged and US markets starting higher before moving sharply lower with CBOT (Dec20) wheat down $0.1125/bushel at the time of writing. A weaker sterling may have offered some limited support, as talk of Brexit negotiations carrying on past mid-November fed through the market.
Support continued for Beans and Corn from yesterday’s USDA report, but wheat struggled to maintain higher prices with 2021 world ending stocks still forecast at record high. Support may still come from higher corn prices and future downward production revisions (in Russia). There is talk that wheat is becoming more competitive with Corn in Europe which may increase feed demand.
Wheat and flour prices in Russia remain at all-time highs, prompting the Russian grain union to release news of a 2021 grain quota. It is believed that grain exports will be limited to 15.0mmt from the 1st February to the end of June 2021 but based on current export projections for that period it is unlikely to have much of a limiting effect.
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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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