Written Commentary
London Wheat Report
Source: FutureSource
Big news on the day being the US Sept CPI – yet another upside miss, as core CPI hits new high. Once again the Fed is left with no choice but to stick with its hawkish rhetoric, above all due to the continued upward trend in core CPI.
Markets were seemingly in a post-WASDE hangover in the overnight session, with the US CPI figure encouraging selling with USD strength into the overnight close. USD turned lower in the main session which offered support to US markets, wheat in particular.
Reuters reports from a senior analyst at the Rosario Grains Exchange that the Argentinian wheat crop will come in at 16MMT, a further 500KT cut to their previous forecast. This would be their smallest crop in 7 years.
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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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