From early 2023, speculative funds had built near record short positions in agriculture futures markets. The Chicago Board of Trade (CBOT) wheat market alone received over 120,000 contracts which is the equivalent of over 16 million tonnes. This process helped wheat prices decrease to multi-month lows at the end of May, but the current month has seen a price recovery.
You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by farm trader, Sophie Whiteman.