Written Commentary
London Wheat Report
Happy Thanksgiving to everyone.
US markets were closed today.
Qatar has announced key details of the planned pause in fighting and release of Israeli hostages held in Gaza by Hamas. An official says the temporary ceasefire will begin at 07:00 local time on Friday and that the first group of 13 hostages will be freed at 16:00. Net migration into the UK was a record 745,000 last year, figures show – far higher than originally thought. Veteran populist leader Geert Wilders has won a dramatic victory in the Dutch general election, with almost all votes counted. After 25 years in parliament, his Freedom party (PVV) is set to win 37 seats, well ahead of his nearest rival, a left-wing alliance.
Ukrainian traders’ union UGA said on Thursday that parliament’s “ill-considered” plans to change grain trading rules could completely halt Ukraine’s key grain exports. A bill passed its first reading in parliament that would change rules on the taxation of grain export transactions and could also introduce minimum export prices for grain. The bill is designed to minimize tax evasion on certain agricultural products, such as grain and oilseeds.
Much of the same on the European markets today. Down. Matif Rape was trading down 8 euros at one point, gained a little support to bring it off the bottom but closed well down. Matif wheat had a quieter day than usual without direction from the closed US market, the trade that did cross the line was down.
London however, shot out the blocks. Many expected a quiet day but the ball got rolling with a 100 lot spread May24/ Nov24 just after the open. The spread was trading at £7 on Monday and is now around the £10 mark four days later. In total nearly 600 lots concluded in todays session which is more than we’ve seen for some time. Who ever said London wheat needs a big brother across the pond to give it some purpose is eating their Thanksgiving turkey hat. November 23 is no more!!
Shorter US session tomorrow. Tomorrow is Friday, and then the weekend!!
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
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.
© 2023 ADM Investor Services International Limited3
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
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.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM. The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.
