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ADMISI London Wheat Report for 10 January

London Wheat Report

London Wheat Report 10 January 2024

Prime Minister Rishi Sunak says the government will bring in a new law to “swiftly exonerate and compensate victims” of the Post Office scandal. UK and US naval forces have repelled the largest attack yet by Yemen’s Houthi rebels on Red Sea shipping, UK Defence Secretary Grant Shapps says Carrier-based jets and warships shot down 21 drones and missiles launched by the Iran-backed group overnight.

Argentina’s core farming heartland will receive little or no rain over the next few days, which will help the progress of soybean and corn planting, the Buenos Aires grains exchange said on Wednesday.

Ukraine exported 4.8 million metric tons of food via its Black Sea corridor in December, surpassing the maximum monthly volume exported under a previous United Nations brokered grain deal, brokers said on Wednesday.

US markets were a little more subdued today than the rest of the week, no double digit gains or losses which in these volatile markets which we’ve seen of late, could be music to some people’s ears. Beans were slightly off, only 3 cents. Meal was also down, while oil had a slight jump. Corn was effectively flat after yesterday’s gains. Chicago wheat stayed level whilst Kansas and Minap wheat were down and up two cents, respectively.

Matif Rape saw its second day in the green after a number of days on the slide, ending the day up around 3 euros. European wheat markets were mixed in today’s trading. Matif wheat was slightly up whilst London was slightly down. Matif March was up 2 euros. Old and new crop London were both down. May came off further than Nov which left the spread trading wider again, now around the £13.75 mark. Volume was evenly spread over the two expiries and stood around 300 lots across the curve.

Contact the ADMISI Grains and Oilseeds Derivatives Brokerage team

Hanne Bell, Ryan Easterbrook 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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