World wheat markets have managed to achieve modest gains this week, supported by ongoing strong international export trade but lacking any fresh price drivers. Futures remain a good 4% below their January highs. China remains a primary focus, with the combination of their wheat buying activity, the coronavirus outbreak and their trade deal with the US creating a recipe of uncertainty.
Following the signing of 'phase one' of the US/China trade deal, US traders expected to see a wave of wheat buying activity as China began their obligation to purchase US agricultural products.