Written Commentary
London Wheat Report
Boris Johnson has told the UK Covid inquiry he had “no other tool” than lockdown to control the virus in March 2020. The government has signed a Hillsborough Charter, promising no family will suffer the same injustices as relatives of the football disaster’s victims. Tariffs on electric vehicles traded between the UK and EU will be delayed for three years, the European Commission has proposed.
Brazilian exporters will send record volumes of both soybeans and corn to export markets in 2023, according to projections released on Wednesday by trade group Anec based on shipping schedules until the end of the year. Brazilian corn exports are expected to reach 55.94 million metric tons in 2023, compared with 44.7 million tons in 2022, while soybean exports are estimated at 101.1 million tons, up from 77.8 million in 2022.
Ukraine’s grain exports have fallen to around 13.7 million metric tons so far in the 2023/24 July-June marketing season, agriculture ministry data showed on Wednesday. The ministry said that by Dec. 9 last year, Ukraine had exported almost 19 million tons of grain.
Chicago wheat futures rose for a seventh straight session on Wednesday to set a new three-month high after a third large Chinese purchase of U.S. wheat in as many days boosted export prospects. Today, 372K MT of SWR was sold to China, adding to the 440K MT & 198K MT on Monday and Tuesday respectively. The three sales in total add to more than 1 million metric tonnes.
CBOT markets looked like this today… Corn down, Beans down, Meal down, Oil down. The other CBOT wheats were also down. Chicago wheat the only blue on the screen in the US today.
London and Matif traded up today. London May 24 traded between £196 and £197.70. Volume for this expiry was under 200. Nov 24 gained a little more than May 4, widening the spread. Nov 4 traded between 208 and 209. Volume poor at under 50 lots. There was an ambitious offer on Jan 24 for 100 lots @ £ 190.00.
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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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