Written Commentary
Apologies no march settlement at point of sending.
London and Paris wheat prices hover around unchanged today despite slightly weaker US markets. Weaker currency may have been supportive which could be a product of the vaccine tensions growing between the EU and the UK. As of today, all over 50 year olds in the UK are able to get a vaccine. This compared to less than 5% of Europeans being vaccinated to this point. Leading the president of the EU commission, Ursula Von Der Leyen to warn of potential export restrictions on vaccines to other vaccine producing nations who are not playing ball. Fact the Oxford based AstraZeneca jab is being banned in multiple EU countries could put the UK in the firing line.
Fact that China reportedly bought 1.16mmt of US corn yesterday plus another 1.16mmt today appears to have been shrugged off by the corn market with prices failing to react. Perhaps demand is expected/priced in and any lack of demand is bearish? Either way it appears that fears of slowing demand in China as a result of ASF are on hold for now. Hope of dry weather in Brazil and rain in Argentina are weighing on corn and bean prices.
Wet weather for the US wheat areas and the potential for the Russian export restrictions to be dropped continue to weigh on wheat prices.
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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.
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