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. 

Last week's wheat price gains were quickly lost this week as the weight of old crop stocks, demand concerns and improving 2023 production prospects motivated selling interest. Despite uncertainty surrounding the renewal of the Black Sea export corridor deal and increased hostility from Russia towards Ukraine, eastern EU states are heavy with previously imported Ukrainian supplies.

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

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. 

This week, London wheat futures fell to their lowest since the beginning of 2022. Lower-than-expected use in both the animal feed and bioethanol sectors has created a heavy domestic balance sheet. This, combined with scarce export opportunity, has put pressure on prices and led to a notable discount on new crop.

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.

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. 

Wheat markets have endured a volatile week's trading with focus on the talks between representatives from Ukraine, Russia and the UN as they discussed the renewal of the Black Sea export deal.

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.

World wheat futures markets continued to fall this week and have now lost 14% of their value since the end of 2022. The primary drivers for the market negativity are twofold. Firstly, the ongoing competition from cheap Russian wheat exports following Russia's record 2022 wheat crop; and secondly, a strong belief the Ukraine Black Sea export deal with Russia and the UN will renew at the end of next week. If this is the case, Ukraine will continue to ship cheaply offered wheat, corn and other grains on world markets. This makes it likely the US, the EU and other major exporters will be left with burdensome year end stocks.

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. 

European wheat markets have fallen sharply this week, dropping back to price levels seen towards the end of last month. Markets had previously risen due to concerns around the Ukraine Black Sea export deal with Russia and the UN not likely to renew next month, which will be when the timeline for the previous agreement comes to an end. Recent comments from Russian officials suggested some dissatisfaction that the deal was not working in its favour. However, in a public address this week, President Putin made no comments to indicate the deal will not be renewed. Despite this, a date for renegotiation has not yet been set. Ukraine will ask Turkey and the UN for a one-year extension to the export deal and to expand it to include the ports of Mykolaiv.

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 world wheat markets continued their February recovery, shaking off the January blues. London wheat futures reached their highest level since 6^th January, following European markets higher. The euro has been weak compared to the US dollar, with a 2% drop in value from last week's ten-month high. This allows EU wheat to become more competitive and a key factor in trying to secure export sales to Algeria in its latest tender. Official EU wheat exports are now seen at 19 million tonnes, although private analysts estimate shipments at least one million tonnes ahead of that figure from an overall surplus of 30 million tonnes.

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. 

US wheat production prospects for the 2023 harvest remain in question following a period of challenging weather conditions, also taking into account an increase in the planted area. In January, the United States Department of Agriculture (USDA) estimated US farmers had planted 36.95 million acres - an 11% increase on the year. Although others estimate less, if this growth is accurate there is a question around how much of that area will provide a crop. 

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.

Wheat futures saw further aggressive selling on Monday which extended the negative price run that began in early 2023. Chicago Board of Trade (CBOT) wheat futures dropped to their lowest level since October 2021 with sellers encouraged by weekend rains and snow that fell across much of the US winter wheat producing states.

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.

Wheat futures rallied over the festive break with many regaining the losses they had posted earlier in December. The primary driver for this was the extreme cold that hit a significant part of the US winter wheat belt with freezing temperatures as far south as Texas raising concerns for winter kill. US winter wheat was already in poor shape with over 70% of the area drilled in drought conditions heading into the winter.

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.

Wheat markets enjoyed some festive cheer over the Christmas holiday season. Prices moved higher and regained the losses they had made since the end of November. However, this short-term blip reversed in the new year with sharp declines and futures markets headed back down towards multi-month lows.

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

UK wheat futures have struggled to recover from last week's 9-month lows. UK wheat futures are currently hindered by low world prices and a slow export pace. Official customs data puts UK wheat shipments to the end of October at 313,700 tonnes and it is likely a further 200,000 tonnes will have been shipped by the end of December. With a wheat surplus of more than two million tonnes, the pace of shipments needs to increase significantly in the new year to avoid a considerable build-up of carryover stocks. Domestic demand to the feed sector is in question, with many feed wheat consumers unable to take delivery of existing purchases due to a slowdown in usage.

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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Wheat market volatility continued again this week, with London wheat futures falling £12/t below last week's highs. The extended Ukraine Black Sea export deal with Russia, coupled with the record Russian wheat crop and cheap export values, continues to pressure prices. However, support comes from robust demand for EU wheat.

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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This week, wheat markets continued to fall and have seen further losses in value – over £30/t since the beginning of the month.

The primary bearish price driver has been the hope that Russia would extend the grain export corridor agreement in the Black Sea. On Thursday, the UN Secretary-General confirmed the deal would be extended for 120 days.

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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European prices have steadily declined to levels last seen in mid-September as a push of cheap exports from key producers has occurred. Egypt's General Authority for Supply Commodities (GASC) and Algeria have tendered for Dec/Jan wheat shipments with Russia leading the supply race by pricing significantly below competing origins. Continuation of Russia's wheat export pace (3.5 million tonnes per month) will hinge on the integrity of the grain corridor deal, which is currently the focus of the market.

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.

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Markets slipped lower this week but further problems for Southern Hemisphere wheat production helped generate a mild recovery on Thursday. In southeastern Australia, persistent rain and consequential flooding across thousands of acres of arable land is damaging yield and quality. At this stage it is uncertain what impact this will have on total Australian wheat production. Recent estimates are at 34 million tonnes which would be the country's second ever highest crop after last year's record of 36.3 million tonnes.

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.