Written Commentary
The Ghost in the Machine Q3 2024
October 8, 2024
London Wheat Report
China’s soybean imports from the U.S. accelerated in May with a 156% surge from a year earlier, data showed on Thursday, while supplies from Brazil shrank for the first time this year amid flooding disruption in the South American country. The world’s biggest soybean buyer imported 1.27 million metric tons of the oilseed from the U.S. last month, compared with 494,103 tons in the same month a year earlier, showed data from the General Administration of Customs.
Wheat markets continued In a downward motion as supply pressure is weighing down global markets. Chicago wheat was trading at 2 month lows today and both Matif and London were also well red. London Nov 4 traded over £1 under yesterday’s settlement at its highest and the majority of volume was going through around the £198 which is around £1.50 down. Volume on the curve was just over 300 mark. May 5 saw 70 lots go through between 205 and 205.50.
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