Weather concerns around the globe are offering support to agricultural markets. World grain and oilseed markets need a solid growing season to rebuild stocks and it’s not looking like the best start. US and Canada remain dry, much of the same in South America with no sign of rain in Brazil for the next two weeks. Things aren’t much better across Europe which is almost entirely dry this week apart from some rain in the Balkans.
With a strong start to the US markets in the overnight, London wheat opened with a bang. Nov21 leading the way, trading up 3 shortly after the open. Matif milling wheat didn’t share the same sentiment and when the US wheat markets turned in the main session, London Nov21 returned to unchanged.
Good volumes seen on London wheat, with 356 lots traded on the old crop May21 (100 lots of AAs). With 5 trading days left before FND, we can expect to see a fair bit of trade to come with an OI of 3000 lots to get through
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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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