World wheat markets have slipped this week. A lack of fresh bullish features has led to spells of profit taking from speculative buyers who still carry significant long positions in grain futures markets. US weekly wheat export shipments and sales were particularly disappointing. However, the weekly export pace from the EU was far more encouraging. Wheat shipments for last week were one million tonnes, taking the total now shipped to over 17.5 million tonnes.

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

The Agriculture and Horticulture Development Board (AHDB) updated estimates for the current season's UK wheat balance sheet this week, highlighting a huge two-million-tonne cut in domestic wheat consumption. Demand in the human and industrial sectors is now seen at 6.438 million tonnes; almost half a million tonnes lower than last season.

This is primarily due to loss of demand for biofuel and starch following the closure of the Roquette plant in Corby in December. Miller demand is also lower as a result of the impact of the coronavirus and subsequent lockdowns. 

You can also listen to the Frontrunner podcast - press play to hear the latest report. This week's report is read by key account manager, Zoe Andrew.

A period of extreme cold has affected the primary US winter wheat producing states in recent days. Temperatures nearing record lows of between -15-20°c have been recorded as far south as Texas and concerns that wheat crops will be subject to winter kill has triggered volatile trading in Chicago Board of Trade (CBOT) wheat futures. Prices rallied to their highest since the end of January as the chief meteorologist of the United States Department of Agriculture (USDA) suggested crops in Texas and Oklahoma had been lost to the severe cold.

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

The United States Department of Agriculture (USDA) published its February World Agricultural Supply and Demand Estimates (WASDE) report on Tuesday this week, which many traders expected to present a very bullish picture for world grains, particularly corn.

Last week's record US corn sales to China coupled with adverse South American weather over the past month, which has impacted on corn production prospects for Argentina and Brazil, encouraged further buying. Prior to the publication of the WASDE report, these circumstances had taken US Chicago Board of Trade (CBOT) corn futures to new contract highs; the highest for 7.5 years.

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

Last week's Frontrunner reported China making significant purchases of US corn. China bought over six million tonnes, which helped take total US weekly corn export sales to 7.44 million tonnes for the period up to the 28^th January. This is a record high, doubling the previous weekly high set back in 2012.

The United States Department of Agriculture (USDA) estimates that US 2020-21 exports will reach 64.77 million tonnes, which will leave US ending stocks nine million tonnes down on the year at 39.42 million tonnes.

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

US wheat futures peaked last Friday, ending the 30% price rally that began last August. Futures markets had become technically overbought and were due a correction. US markets were closed for a public holiday on Monday but Chicago Board of Trade (CBOT) wheat futures subsequently posted four consecutive days of losses. London wheat futures peaked on Monday, setting a contract high price that hasn't been seen since January 2013 before following US markets lower during the week.

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

Few World Agricultural Supply and Demand Estimate (WASDE) reports from the United States Department of Agriculture (USDA) trigger a market reaction such as the reaction triggered by the report released earlier this week. A report with such futures volatility following a period of prolonged market price gains hasn't been seen since 2012/13.

You can also listen to the Frontrunner podcast - press play to hear the latest report. The report is read this week by key account manager, Zoe Andrew.

World grain markets have started the new year with sharp gains, led higher by US soybean and corn futures. Prolonged dry weather and a rainfall deficit for developing corn and soybean crops across both Argentina and Brazil are raising concerns that yields will be adversely affected amidst strengthening export demand, particularly from China. Chicago Board of Trade (CBOT) corn and wheat futures rallied to highs this week not seen since 2014 as speculative funds continued to buy and established record-long positions. Price gains for corn futures have reached 50% since the summer.

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

Russia, the world's leading wheat exporter, officially confirmed it would introduce a €25/t export tax in the new year. The tax will be applied to its 17.5-million-tonne export quota, which begins on the 15th February and runs to the 30th June 2021. Traders are unlikely to exceed the quota in light of the news that tonnage which surpasses this figure will be taxed at 50% of the sales value.

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

World wheat markets posted sharp gains this week, recovering much of the losses they had made since the end of last month. The primary driver for these positive moves was news that Russia may introduce additional measures to control wheat exports. Russia has previously established a quota of 17.5 million tonnes to limit wheat exports between February and June 2021, but so far this has proved to have little impact on its domestic market prices.

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

US Chicago Board of Trade (CBOT) wheat futures continued to fall this week and by close of business on Thursday were 10% below the 4-year highs they peaked at in October. The increasing size of the Australian, Canadian and Indian wheat crops as well as a proposed increase in Russian export quota combine to signal ample wheat supplies and a bearish feel to markets.

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

In a trading week that was shorter than usual due to Thanksgiving, there has been little fresh wheat news. Instead, markets have been buoyed by China's continued purchasing of US corn. With another 200,000 tonnes purchased last week, the market continues to predict China's overall demand. The United States Department of Agriculture (USDA) has estimated it will reach 7.2 million tonnes while other private analysts are estimating that China will tender up to 30 million tones of US corn.

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

World wheat markets stalled this week with a lack of any fresh bullish features to drive them higher again. US Chicago Board of Trade (CBOT) wheat futures drifted as their winter wheat crop rating made modest improvements following recent rains. 46% of the crop is rated 'good' to 'excellent' and is up one point on the week. This is still well behind this time last year when 52% of the crop received this rating.

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 markets rallied this week following the publication of the November World Agricultural Supply and Demand Estimates (WASDE) report from the United States Department of Agriculture (USDA) on Tuesday afternoon. There were few changes to the world wheat estimates from last month's report.

You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by key account manager, Zoe Andrew.

Earlier this week, wheat markets eased lower following concerns that the increasing impact of Covid-19 will lead to cuts in global demand for grains, particularly from the fuel sector. Wheat price gains made in the second half of October were all but lost. However, on Thursday, the US Chicago Board of Trade (CBOT) soybean market jumped to $11 per bushel, a four-year high, which pulled world wheat prices higher with it.

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

World wheat markets have made impressive gains in price since harvest, highlighted by US Chicago Board of Trade (CBOT) wheat futures which, by the end of last week, had gained over 25% in value. This is impressive as the United States Department of Agriculture (USDA) estimates a record world wheat crop of 733 million tonnes - up nine million tonnes on last year. Furthermore, USDA estimates see stocks rising by 22 million tonnes on the year to 321 million tonnes.

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

There has been little fresh news for markets this week, although on Thursday world futures markets posted significant rallies with many hitting new contract highs. Speculative funds were again assertive buyers of Chicago Board of Trade (CBOT) wheat and corn contracts as they continue to build significant long positions. Their stake in the markets is similar to those they held back in 2010 and 2012 when adverse weather severely cut wheat and corn output for many of the world's primary producers.

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

The world's wheat futures markets rallied to new highs this week as prolonged dry weather conditions threatened wheat crops for some of the world's leading producers. Speculative funds were increasingly active buyers and took Chicago Board of Trade (CBOT) wheat prices to their highest level for five years. Wheat crops in Argentina and the US are suffering from a lack of rain, but it is dry soils extending across most of Russia that is raising the greatest concern. Russian farmers have planted over 70% of their winter wheat but ongoing dry conditions and warm temperatures could see newly planted seed fail to germinate...

You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by key account manager, Zoe Andrew.

Late on Wednesday afternoon this week, the United States Department of Agriculture (USDA) published its quarterly US grains Productions and Stocks Report and final 2020 US wheat production estimates. This is a quarterly report which often passes without much attention. Yet, the results of this report triggered a significant price rally for the world's grain and oilseeds markets. Supportive data was perhaps expected but not to the extent revealed.

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