London Wheat Report
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India/Canada spat continues with India now pushing for all diplomatic staff to be removed from India. Second day of Tory conference in Manchester, still no further news on HS2. Russia announces an additional 335k contracted soldiers have signed up to bolster numbers. No further mobilisations supposedly. USD fell against the Yen in today’s trade, briefly rising above the psychological 150-per-dollar.
USDA conditions report not too exciting. Corn conditions remained the same as a week ago at 53% of the crop GD/EX. Soybean conditions improved to 52% from 50% GD/EX. Both Soybean and Corn harvest progress sat at 23% complete which is neither here nor there.
Ukraine and Poland reach deal to speed up exports of ag products under a wartime deal that will shift some border checks from its busy frontier with Poland to the Lithuanian port of Klaipeda. Shipping rates from Ukrainian Black Sea ports are dropping substantially according to Ukraine’s farming minister. Supposedly shipping rates have become 30/40% cheaper in the last 2 weeks. Ukraine is also starting to fire up with offers ex-Black Sea ports which will relieve stress on Danube flow and cross interior. This all means pressure on pricing. Ukraine have an exportable surplus of about 50Mmt of ags for 2023/24.
Morocco is expected to buy 2.5Mmt or half of its soft wheat needs, from France this season ending June 2024 according to Yann Lebeau, Maghreb region head at French wheat professionals group Intercereales. Matif wheat was supported with Dec-23 settling up €4.00 on yesterday at €236.50/t. London wheat was also supported.
Chicago soybeans were under pressure again today as they fell to a new 3-month low as improving US crop condition alongside brisk start to Brazilian planting added to supply pressure. Brazil’s Parana soybean sowing is sat at 20% complete so far of the 5.8MHa projected planting. Argentina also extended their soy dollar programme until October 25th amid low reserves. Matif rapeseed Nov-23 settled marginally down 0.25 at €447.25/t.
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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.
© 2024 ADM Investor Services International Limited.
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