Written Commentary
London Wheat Report
Dominic Cummings is giving evidence to the Covid inquiry – three years after leaving No 10 as Johnson’s top adviser. Amber weather warnings of winds of up to 80mph have been issued across the south of England for the arrival of Storm Ciarán on Thursday. On Tuesday morning, Israel said it hit 300 targets in Gaza overnight as its air strikes and ground offensive continue
According to Reuters, China is set to import record volumes of wheat this year, trading sources say, with rain damage to its crop and worries over dry weather in exporting nations fuelling Beijing’s appetite to buy while prices are low. Traders said China’s frantic buying is likely to support global prices, which have dropped more than a quarter this year – based on the Chicago futures benchmark Wv1 price – amid abundant supplies from top exporter Russia. Overall, China’s 2023 imports are likely to reach around 12 million tons, two Singapore-based traders said, topping 2022’s record 9.96 million tons, and the avid buying is expected to continue into 2024.
Daily ship crossings on the Panama Canal, one of the world’s main maritime trade routes, will be further reduced over the coming months due to a severe drought, the authorities managing the canal said late on Monday. Booking slots will be cut to 25 per day between November 3 to November 6, the Panama Canal Authority (ACP) said in a shipping advisory, and will be gradually reduced further over the coming months to 18 per day beginning February 1, 2024.
London saw a busier day than yesterday, volumes were over the 500 lot mark which was an improvement on yesterday. Nov 23 O.I now stands at 144 lots. 23 lots traded today for between £183 and £184 down £4.00. The majority of the volume was seen on May 23 contract. May 23 found some support in the early part of the day but later fell £6.00 under yesterday Sett. after a market order went through for 71 lots between £196 and £192 at various levels. Nice fill for the buyer of 30 @ £192 because minutes later the bid was back up to £194.75 the market then traded back up to £196, before taking a turn again and trading at £194.50 on the close. Some excitement on the market not seen for some time.
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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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