Written Commentary
London Wheat Report
London Wheat kicks off the day with 30 trades trading at -20 on the May24/Nov24 spread. This level has been discussed as a destination and the required incentive to carry grain into the new crop year, but considering we settled at -15.25 this was way off the pace. Fat finger perhaps, or someone desperate to get something done, who knows!? We settled at -15.65 today.
The Nov24/May25 spread trades 62 times at -7.5. With the recent ICE Futures rent increase to 5p per day, 6 months of storage is already £9.00.
Soybeans saw a steep selloff. Weekly US Export sales were disappointing and South America crop conditions are improving. US soybean board crush value has also been on the decline with product values lower.
Contact the ADMISI Grains and Oilseeds Derivatives Brokerage team
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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