Written Commentary
London Wheat Report
Putin called for the development of wheat and fertilizer cargo transport routes in Asia during a visit to Kazakhstan on Thursday, as Russia seeks to forge new export routes due to Western sanctions. Chairing a conference on agricultural cooperation with Kazakh President Tokayev, Putin said Russia would have about 60 million metric tons of wheat available for exports from this year’s strong crop.
Yesterday I mentioned the shore hugging grain corridor and how well it was working, well an hour later there was news that a missile hit a ship moored at Pivdenny/Odesa. Ukrainian officials said on Wednesday a Russian missile damaged a Liberia-flagged civilian ship entering a Black Sea port in the Odesa region, killing one person and injuring four others. Despite this, Ukraine Dept Prime Minister said the corridor is still working well.
Markets were off today, yesterday seemed a little over bought so I guess was only natural for the market to come back off today. Nov 3 saw some action today over 100 lots traded @ nearly £5 down. Nov 23/ May 24 spread traded out to £16.
Today’s USDA data is viewed as moderately bearish for both feed grains and the soybean complex as both production and stocks were at the upper end of the ranges of estimates. Back to trading South American weather and war headlines.(Mark Soderberg – Sr. Ag. Market Analyst)
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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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