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ADMISI London Wheat Report

Another highly volatile day in global Ag commodity prices, however with a slightly weaker basis for wheat prices. Most markets especially corn and beans are extremely overbought and with fund money the main source of support to start the year any sign of weakness could mean a sharp selloff and fast downside correction. In the meantime however the big fundamental story in corn and beans is providing enough support to keep sellers away.

A 1-6 inch rain deficit in Argentina, a USD at the lowest level since April 2018, higher energy prices and surging palm oil prices are all supportive.

Physical markets, at least here in the UK remain quiet with sellers hard to find. However the green light for 2021 barley exports as a result of a Brexit trade deal has meant a flurry of demand from UK ports with barley still a £50+ discount to wheat and attracting strong interest from the EU.

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Contact the ADMISI Grains and Oilseeds Derivatives Brokerage team

Hanne Bell, Ryan Easterbrook & Daniel Leeson 

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

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