Written Commentary
London Wheat Report
The govt. says a new treaty signed today with Rwanda will guarantee the safety of asylum seekers sent to the East African country. Junior doctors in England are to stage more strikes, in December and January, after rejecting a new pay offer put forward in talks with the government. The death toll from a volcanic eruption in Indonesia has gone up to 22, after rescuers sadly, found nine more bodies.
Soft wheat exports from the European Union since the start of the 2023/24 season in July had reached 12.52 million metric tons by Dec. 3, compared with 15.26 million a year earlier, data published by the European Commission showed on Tuesday. EU barley exports totalled 2.79 million tons, against 2.81 million tons in the corresponding period in 2022/23, while EU maize imports were at 7.36 million tons, against a year-earlier 12.88 million.
US wheat markets were buoyed yesterday by some Chinese buying of 440,000 tonnes of Soft red winter wheat for the 23/24 season which saw the market jump by 20+ cents. Today the USDA announced a further 198,000 metric tons which supported the market again. Other CBOT markets looked like this, Corn Up, Beans Down, Meal Up and Oil Down.
Very similar on London today as yesterday, volumes were boosted by a sizeable AA. Nothing much to report on the market itself, May24 was slightly down, Nov 24 slightly up.
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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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