Written Commentary
ICE LONDON FEED WHEAT
HIGH | LOW | CLOSE | CHANGE | VOL | Open Int | |
| Nov’20 | 182 | 180 | 180.2 | -1.60 | 271 | 3215 |
| Jan’21 | 179.85 | 179.85 | 179.85 | -1.05 | 0 | 0 |
| Mar’21 | 180.2 | 180.2 | 180.2 | -0.80 | 0 | 0 |
| May’21 | 179.75 | 179 | 179.5 | -0.55 | 342 | 4822 |
| Nov’21 | 154 | 153.6 | 154.15 | 0.55 | 12 | 3212 |
| Jan’22 | 155.7 | 155.7 | 155.7 | 0.55 | 0 | |
| Mar’22 | 157.55 | 157.55 | 157.55 | 0.55 | 0 | |
| May’22 | 159.2 | 159.2 | 159.2 | 0.55 | 0 | |
| EURO | 1.09523 | 0.91305 | 625 | 3215 |
A slow start to London wheat led to some reasonable volumes traded in the afternoon session. A firmer GBP and lower US markets set the tone, but London May20 tried to make a comeback as EUR strengthened into the afternoon.
Dryness remains a problem in Russia’s Southern Region, despite a few brief showers next week in the west; Kazakhstan will remain the driest area in the western CIS along with the lower Volga River Basin; these drier areas need significant rain soon to support autumn wheat planting.
The weekly crop progress report saw U.S. soybean harvest 20% complete as of Sunday, ahead of the five-year average of 15%. The corn harvest lagged slightly as producers focused on soybeans; the U.S. corn crop was 15% harvested, the USDA said, behind the five-year average of 16%. Planting of the 2021 US winter wheat crop was 35% complete by Sunday, ahead of the five-year average of 33%.
Soft wheat exports from the European Union and Britain in the 2020/21 season that started on July 1 had reached 4.37 Mt by Sept. 27, official EU data showed; that was 39% below the volume cleared by Sept. 29 last year.EU and UK 2020/21 barley exports had reached 1.86 Mt, down 14%. EU and UK 2020/21 maize imports stood at 4.08 Mt, down 18%.
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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.
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