Written Commentary
London Wheat Report
Iran has seized a Marshall Islands-flagged oil tanker in the Gulf of Oman, state media reports. Armed men wearing masks have reportedly boarded the vessel St Nikolas, close to the Omani port of Sohar, and ordered it to sail to an Iranian port. The Post Office scandal is continuing with investigators facing questions today from the victims’ lawyers.
El Nino is expected to continue for several months, with a 73% chance it will retreat between April and June, the National Weather Service’s Climate Prediction Center (CPC) said on Thursday.
Ukraine’s economy minister Yulia Svyrydenko on Thursday forecasted the country’s 2024 grain crop at 49.6 million tons, and the 2025 crop at 58.2 million tons.
The International Grains Council (IGC) on Thursday raised its forecast for 2023/24 global corn production, mainly driven by an upward revision for China. The inter-governmental body in its monthly update increased its global corn crop forecast by 7 million metric tons to 1.230 billion tons. China’s corn crop was seen at 288.8 million tons, up from 280.6 million seen previously while there were also upward revisions for Russia (17 million vs 16 million) and Ukraine (30 million vs 28.8 million).
Global ags market were on the slide today. Chicago, Kansas and Minap wheat were all down around 6 cents at the time of writing. European markets were also off. Matif traded down 3.5 Euros at its lowest. London started the day trading slightly above yesterday’s settlement before falling gradually throughout the day. The May 4 market just managed to stay in the 190s, will it go into the 180s tomorrow? May/ Nov spread trickling further apart, traded at £14 today. Decent Volume today over 600 lots traded across the curve.
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