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ADMISI London Wheat Report for 25 May

London Wheat Report

ADMISI London Wheat Report 25.05.23

Source: FutureSource 

Well, Wagner were back in the news again today announcing their withdrawal from Bakhmut and as it is handed over to the Russian army. They really do seem to be getting some airtime don’t they? Car crashes into the gates of No 10. Russia has been seen trying to quell the oil markets after the Saudis tried to fire up the bulls earlier this week. Kremlin in philanthropy mode it seems. Syria has been welcomed back into the Arab League after their hiatus, Saudi demonstrating that they can be a power broker and a little rebuke to the USA. All exciting stuff.

Well the primary news on the wheat markets is the hangover from the Black Sea corridor with inspections still sporadic and ships being delayed. The usual story really. Lots of chatter about record crop production which will not help any bulls. China is announcing record amounts of wheat production, India have stated that they are on track for a 112Mmt plus harvest for 2023. Russian exports have slowed which will just add to the woes of carryover. US weekly wheat net sales reductions have hit a new marketing low, with sales at 45,100t in week ending May 18th. Chicago wheat was trading unchanged this morning before trading down 5 cents at time of writing. Matif wheat was bouncing around the unchanged levels. London wheat Nov-23 found support.

Russian govt announced sunoil export duty has been set to zero. US soybean export sales within market expectations at 155kt. Chicago soybeans were trading down, pushed lower on bearish crude. Matif rapeseed found support with Aug-23 settling up 8 on yesterday at €407/t.

Contact the ADMISI Grains and Oilseeds Derivatives Brokerage team

Hanne Bell, Ryan Easterbrook, Dominic Enston 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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© 2023 ADM Investor Services International Limited3

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.

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