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ADMISI London Wheat Report for 10 November

London Wheat Report

Source: FutureSource 

Markets were mixed to start the day, as they tried to digest yesterday’s WASDE numbers, but started to firm as we approached the CBOT break. It was around this time Matif milling wheat started charging, and looked unstoppable on it’s run into the close. After a modest start, Matif milling wheat Dec21 settles up a staggering 8.75 on the day.

Whilst the USDA WASDE was seen as bullish wheat, the main driving force behind today’s run may have come from the Russian Agricultural Minister telling the market of the Russian grain export quota that is set for Jan – June 2022, as well as changes to the export tax. 

Russia’s agri minister, Dmitry Patrushev, today announced that Russia may change the way it calculates it’s grain export tax if prices continue to rise, that the floating export duty will be revised upwards. Russia also plans to set a grain export quota for the first half of 2022, including the one for wheat.

FranceAgriMer lowered it’s forecast for French soft wheat exports in the 21/22 season from 17.6MMT to 17.2MMT, expecting a shift from wheat to maize in animal feed rations.

Growers Group AGPM have today said this year’s French maize crop could reach 15.5MMT. This is above the French ministry’s estimate of 14.5MMT, which is already up 9.4% on last year.  AGPM forecasts the French maize crop yielding a record 11 tonnes per hectare.

Contact the ADMISI Grains and Oilseeds Derivatives Brokerage team

Hanne Bell, Ryan Easterbrook, Dominic Enston, Aaron Stockley-Isted

Phone: +44 (0)20 7716 8477  or  +44 (0)20 7716 8140      Email: intl.grains@admisi.com

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© 2021 ADM Investor Services International Limited

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.

Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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