Written Commentary
London Wheat Report
Soft wheat exports from the European Union since the start of 2023/24 season in July had reached 20.5 million metric tons by Feb. 22, compared with 21.1 million a year earlier, data published by the European Commission showed on Tuesday.
Chicago soybeans rose for a second session on Tuesday to recover from a three-year low as a reduced forecast of Brazil’s ongoing harvest lent some support, though ample world supplies kept a lid on prices. Corn was up slightly, paring gains after touching its highest in almost two weeks to also move away from a three-year low. Corn’s most active contract May24 was up 3 cents at the time of writing. Wheat was jumping around in today’s trading. Early on Chicago wheat was down but found support and did climb as high as 15 cents up. That cooled a little to be 9 cents up at the time of writing. Beans traded higher today as high as +18 cents before returning down to 4 cents in the green on the European close.
Matif rape opened up 3 Euros and never returned any lower than that, in fact, it did get up to positive 9 euros in the early afternoon. Matif wheat was mixed, opening up, returning to unchanged and then finding a little support in the afternoon to close up.
London had a similar day to Matif it traded up, down and then back up to close in the green. The majority of the volume was on the May Nov spread. 216 lots traded between £16.55 and £17.50. Total volume for Nov 24 was 240 so only 24 lots were traded as an outright and not the spread. May traded over 100 lots as an outright.
Contact the ADMISI Grains and Oilseeds Derivatives Brokerage team
Ryan Easterbrook or 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.
© 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.
