Written Commentary
Source: Future Source
Wheat markets were back at it today with Matif milling wheat leading the way. Supported by a dry Brazil and their deteriorating corn crop and limited farmer selling, but today’s run is supposedly largely due to rumours of Chinese interest in French wheat.
London wheat saw decent volume trade on the Nov21 contract which traded within a 4.25 range and settled only 5p off the day’s high of 188. There were no May21 tenders today and a mere 10 lots traded in this contract, it clearly didn’t share the same enthusiasm.
The latest IHS Winter wheat and world crop market report was released today, and we look at some highlights below:
- Canada’s 2021 wheat production is decreased 1.1 mmt to 32.8 million.
- Russia’s 2021 wheat production is increased 3 mmt to 80 million.
- Ukraine’s 2021 wheat production is increased 1 mmt to 28 million.
- Australia’s 2021 wheat production is increased 1 mmt to 26 million.
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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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