Written Commentary
ICE LONDON FEED WHEAT |
||||||
HIGH |
LOW |
CLOSE |
CHANGE |
VOL |
Open Int |
|
| Nov’20 | 184.5 | 181 | 183.7 | 3.50 | 481 | 3124 |
| Jan’21 | 182.9 | 182.9 | 182.9 | 3.05 | 0 | 0 |
| Mar’21 | 183.75 | 183.75 | 183.75 | 3.55 | 0 | 0 |
| May’21 | 184.5 | 180 | 183.55 | 4.05 | 510 | 4986 |
| Nov’21 | 159 | 155 | 158.05 | 3.90 | 272 | 3219 |
| Jan’22 | 159.6 | 159.6 | 159.6 | 3.90 | 0 | |
| Mar’22 | 161.45 | 161.45 | 161.45 | 3.90 | 0 | |
| May’22 | 163.1 | 163.1 | 163.1 | 3.90 | 0 | |
| EURO | 1.10171 | 0.90768 | 1263 | 3124 | ||
What a day it turned out to be on global agricultural markets. Matif milling wheat led the way with reports of more French wheat sold to China, US wheat up on continued dryness in Russia and Ukraine AgMin reducing the forecasted winter wheat acreage by 9%, followed by a bullish USDA quarterly stocks and acreages report which saw massive gains across the board.
DJ USDA Report: Summary for U.S. Quarterly Grain Stocks
The following are key numbers from the USDA’s Quarterly Grain, Soybean Stockpiles and how the government’s estimates compared with analysts’ forecasts in a Wall Street Journal survey. U.S. Stockpiles on Sept. 1, 2020 (million bushels)
Actual Average USDA
USDA Forecast Range June 2020
Corn 1,995 2,243 2,120-2,355 5,019
Soybeans 523 575 559-608 1,381
Wheat 2,159 2,163 925-2,380 1,028
DJ USDA Report: Summary for U.S. Wheat Production
The following are key numbers from the USDA’s crop report and how the government’s estimates compared to analysts’ forecasts in a Wall Street Journal survey. U.S. Wheat Production (million bushels)
Actual Average
USDA Forecast Range USDA August
All Wheat 1,826 1,835 1,817-1,850 1,838
Winter Wheat 1,171 1,195 1,185-1,204 1,198
Hard Red Winter 659 692 684-700 695
Soft Red Winter 266 276 272-280 277
White Winter 246 227 224-230 226
Other Spring 586 578 568-590 577
Durum 69 62 60-64 62
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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.
© 2021 ADM Investor Services International Limited.
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