Having seen a spell of speculative fund short covering propel wheat futures prices to multi-week highs earlier this month, markets have subsequently eased lower again.
Questions remain over Russian wheat exports and the country's 2025 wheat production potential. However, in the near positions there is a more than adequate supply and with good cover, buyers are back on the side lines. Russian weekly wheat shipments remain at about one million tonnes per week, but this week the country missed out in one international tender.
You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by agronomist, Alex Pope.