Written Commentary
London Wheat Report
Monday again!
Power has been restored to about 13,000 homes in Cumbria after a major incident was declared due to heavy snow. Witnesses and local journalists in the Gaza Strip say they’ve seen Israeli tanks and armoured vehicles on the outskirts of the southern city of Khan Younis. The Gov. announced that the minimum salary for a skilled worker visa will rise from the current level of £26,200 to £38,700.
Ukraine’s grain exports have fallen to around 13.4 million metric tons so far in the 2023/24 July-June marketing season, agriculture ministry data showed on Monday. The ministry said that by Dec. 5 last year, Ukraine had exported 18.3 million tons of grain. Ukraine exported 3.86 million tons of grain in November, including 1.3 million tons of wheat and 2.4 million tons of corn, the ministry data showed.
Canadian farmers will harvest more wheat and canola than was expected several months ago, as crops rallied from dry conditions that threatened yields, a government report showed on Monday. Statistics Canada’s crop estimates tend to increase in the annual December report, but the agency’s raised estimate for all-wheat production surpassed industry expectations.
Exceptionally hot and dry weather in Brazil’s leading soybean region persisted for a second consecutive month through November, maintaining yield concerns. The crop-heavy northern section of Brazil’s top soy and corn state Mato Grosso experienced the driest October-November period in at least a quarter century. Two-month rainfall of about 163 mm (6.4 inches) is 47% below the period’s recent decade average.
US COT reports showed money managers were net sellers of Ags last week. They sold an extra 11K lots of CBOT wheat, taking their position to just shy of short 120K lots. MM Corn positions are also shorter than they were this time last week. MM sold a further 21K lots taking their short position to a whopping 206,000+ lots.
London May 24 volumes were helped by 2 large AAs that crossed the line today 1x 290 lot @ £195 and another 150 lots at the same price.
Contact the ADMISI Grains and Oilseeds Derivatives Brokerage team
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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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