World wheat markets continued to fall this week, following Russia's agreement to extend the Black Sea export corridor deal until the 17^th July. Prospects of a continued flow of Ukrainian wheat have kept speculative sellers active. Encouraging data for improved crop potential in both the US and EU added to the market negativity. US winter wheat condition gained two points to 31% now rated 'good/excellent' and US corn planting reached 81% completion - up 16 points on the week, which is six points ahead of the five-year average.

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.

Late last Friday, the United States Department of Agriculture (USDA) published its first look at the world's 2023-24 grain balance sheets, with a contrasting outlook for wheat and corn. World wheat production is seen rising by 1.5 million tonnes up to 789.76 million tonnes, but year-end stocks will fall by two million tonnes down to 264.34 million tonnes – this will be the lowest for seven years.

You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by farm trader, Ollie Wilson. 

World wheat futures dropped again this week, extending their 2023 losing streak. US Chicago Board of Trade (CBOT) figures dropped to their lowest since December 2020 and London old crop futures struck a new contract low which was almost half the peak price it achieved during May last year.

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. 

This week, Canada's national statistical office, Statistics Canada (StatsCan), published its first look at 2023 Canadian crop potential and farmer planting intentions. Canadian farmers are set to increase their wheat area by around 6% on last year, to 27 million acres. If realised, this would be the largest drilled area since 2001. This potential boost to global supplies exceeded trade expectations and added to the market price negativity.

You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by farm trader, Ollie Wilson. 

Wheat futures markets rose sharply earlier this week, with traders concerned over the flow of grain from the Black Sea. Prices increased by around 6%, with Russia casting doubt on its renewal of the Ukraine Black Sea export deal next month. Subject to the terms of the deal, vessels entering or exiting the Ukrainian Black Sea must be inspected. However, Russia has blocked inspections as vessels passed through Turkish waters for a second day, which has prompted Ukraine to say that the export deal is at danger of collapse. Russia warned that prospects of an extension to the deal will be low once its previous 60-day extension ends in the middle of May unless certain criteria are met in respect to Western sanctions. 

You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by farm trader, Lucinda Redgate.

London wheat futures fell lower again this week, with old crop prices falling close to multi-month lows, the lowest since the 22^nd of March. Selling was encouraged by lower world markets and what is likely to be a significant UK carry over stock from this season into next.

You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by marketing assistant, Becca Russell. 

Wheat futures markets continued to rally until mid-week, making impressive gains from last week's multi-month lows. The London wheat market added £19/t which encouraged further farmer selling, but with limited interest in physical wheat buying, domestic prices subsequently dropped again towards the end of the week.

You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by Lucinda Redgate. 

Last weekend the Black Sea export corridor deal was renewed. Despite demands from Ukraine for a minimum extension of 120 days, all parties ultimately agreed to Russia's proposal of a maximum of 60 days. Russia said an extension of the deal beyond mid-May will depend on the removal of some western sanctions.

You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by marketing assistant, Becca Russell. 

European and US wheat futures prices have continued to fall this week. US Chicago Board of Trade (CBOT) wheat futures fell to their lowest since the end of September 2021 and Paris wheat futures to their lowest since March 2022. Futures prices have come under pressure as a result of Russia capturing an increasingly large share of the global export market.

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. 

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Benchmark global wheat prices lifted 6% on Monday in a knee-jerk reaction to news from the weekend that Putin was withdrawing from the safe Black Sea corridor agreement. Consequently, insurers refused to grant fresh cover for vessels that were returning to Ukraine which caused concern for the 22 boats anchored in Ukrainian ports waiting to be loaded - a further 101 are awaiting inspection. London futures rallied from £12 to a high of £293, which ignited UK farmers to market large volumes at prices not seen for a month.

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 Powell. 

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This week, the world's wheat futures markets have recovered all the losses they took last Friday. Prices then fell sharply due to Russia and Ukraine signing a deal with Turkey and the United Nations (UN). The deal set out to ship trapped wheat and other grains and oilseeds from Ukraine's Black Sea ports.  However, the market is now reacting to the reality that shipping through these ports will, for some time, be a slow process as there are challenges in securing the resources needed to resume operations whilst the hostilities with Russia continue.

You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by farm trader, Lucinda Redgate. 

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The General Authority for Supply Commodities (GASC) adopted a change to its method for wheat import purchases this week, entering into direct talks with exporters in preference to where it usually holds a general purchase tender. Egypt bought around 444,000 tonnes, adding to the 815,000 tonnes it bought last week, split between Russia with 214,000 tonnes, France with 170,000 tonnes and 60,000 tonnes from Romania. 

You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by farm trader, Ollie Wilson. 

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The General Authority for Supply Commodities (GASC) made its largest single wheat purchase for over 13 years this week, buying 815,000 tonnes for shipment during August, September and October. Last weekend, the Egyptian Minister for Supply and Internal Trade said his country needed to import ten million tonnes of wheat over the next six months while having secured 3.9 million tonnes from local farmers and having wheat reserves sufficient for almost six months.

You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is ready by marketing assistant, Becca Russell. 

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Late last Friday, the United States Department of Agriculture (USDA) published its June World Agricultural Supply and Demand Estimates (WASDE) report but it made few changes to the previous month's wheat and corn world balance sheets. However, markets rallied from the low levels of trading before the report, where traders had squared long positions in case of bearish data.

You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by marketing assistant, Becca Russell. 

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The world's wheat futures markets opened the week with another notable rise in prices, setting new record highs following the news that India would ban wheat exports with immediate effect. The Indian government reacted to fears of an intense heatwave during March which cut yields, sending the country's domestic prices to record highs.

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 Powell.

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The United States Department of Agriculture (USDA) published its May World Agricultural Supply and Demand Estimates (WASDE) report this week along with its eagerly awaited first look at the 2022-23 season. The report contained lower than expected production for US winter wheat and corn. Additionally, it outlined lower than expected world wheat stocks which sent markets sharply higher again. European wheat futures rallied again and set new contract highs.

You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by marketing assistant, Becca Russell. 

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There are new contract highs for 2022 European new crop wheat futures this week, as markets continue to react to the longer-term threats to Black Sea wheat supplies - particularly those from Ukraine. The London November 2022 contract passed £300/t for the first time and the old crop May 2022 contract set a new record with a high of £332.20/t.

You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by farm trader, Lucinda Redgate. 

The current volatility of global markets and commodity prices is well documented; in recent weeks, there have been price swings that have never been experienced before. While it makes for some interesting market behaviours, knowing when to react in terms of buying and selling can be a challenge, particularly when prices are changing in a matter of minutes.

European wheat futures started the post-easter bank holiday weekend with strong gains, with both the Paris and London new crop markets setting new contract highs in early trade following stronger US wheat markets. Chicago Board of Trade (CBOT) futures were higher on the latest crop condition report and the overall situation is worse than trade expectations. Winter wheat slipped two points to just 30% good/excellent, this compares to 53% last year and trade expectations at 33%. The crop condition index has only been worse in one of the past 35 years at this stage of development.

You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by farm trader, Ollie Wilson.

New crop European wheat futures rallied further this week and set new contract highs, reflecting trade concerns around the prospect of a long-term conflict between Ukraine and Russia. London November 2022 wheat futures briefly touched £295/t, almost double its initial trades and the contract low made in September 2020.

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 Powell.