Written Commentary
London Wheat Report
Source: FutureSource
Russian drone strikes damaged grain silos and warehouses at the Ukrainian river port of Reni on the Danube, a vital wartime route for Ukrainian food exports, senior officials said on Wednesday. Russian strikes on port infrastructure on the Danube in recent weeks have piled pressure on Ukrainian food exports after Moscow quit a year-old deal that had allowed Kyiv to ship out grain via the Black Sea.
Ukraine’s grain exports have totalled 3.3 million metric tons so far in the 2023/24 July-June season, Agriculture Ministry data showed on Wednesday. The ministry gave no comparative figures for the same period a year earlier but said shipments were at 2.99 million tons as of Aug. 19, 2022.
Soft wheat exports from the European Union so far in the 2023/24 season had reached 3.72 million metric tons by Aug. 13, down 11%from 4.19 million a year earlier, data published by the European Commission showed on Wednesday. EU barley exports totalled 1.20 million tons, down 27% from 1.63 million tons in the corresponding period in 2022/23, while EU maize imports were at 1.82 million tons, 31% below a year-earlier 2.62 million. A breakdown of the EU data showed Romania was the biggest EU soft wheat exporter so far in 2023/24, with 1.04 million metric tons shipped, followed by Poland with 734,000 tons, Bulgaria with 685,000 tons, France with 682,000 tons and Germany with 414,000 tons.
London had a pretty quiet day today, it never really got going. There was no real direction. November traded between £185.40 and 189.35 Close to 400 lots crossing the line. May 24 traded in a small range between 200 and 200.75. The Nov/ May spread is worth a mention, it’s continuing to widen, another £2 wider than it was yesterday. The spread is now around £14. Nov 24 traded for one lot today @ £198.00.
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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.
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