Wheat futures continued to see volatile trading this week as the trade reacted to the impact of the worsening conflict between Russia and Ukraine. There were early notable falls in prices with reports that peace talks between Russia and Ukraine were making some headway and that all five of Russia's Black Sea ports were operating normally for grain shipments.

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.

The escalating conflict following Russia's invasion of Ukraine and subsequent fears for future wheat supplies from the Black Sea led to extreme volatility in the wheat market this week, resulting in new record highs for futures markets. Wheat futures rose to their highest on record this week, with Paris futures exceeding €400/t and London futures rising above £300/t, breaking the previous record set in 2008.

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.

Wheat markets have been extremely volatile this week due to the escalating conflict between Russia and Ukraine. London old crop wheat futures hit a high, which was more than £50/t above last week's closing prices, and in doing so set a record high for the market. US Chicago Board of Trade (CBOT) futures climbed up by over 30% to their highest figure for 14 years, although remained below the all-time highest figure of $13.49/t which was set in February 2008.

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.

Russia's invasion of Ukraine this week triggered unparalleled price movements in commodity markets. US Chicago Board of Trade (CBOT) wheat futures posted gains of almost 20% on last Friday's close and, at their peak, were at their highest level since 2008. Fear, panic and speculative trade exaggerated futures price gains but the world's wheat importers have lost access to a primary supplier of wheat and corn as military action brought a halt to commercial shipping and Ukraine's ports shut down. Egypt's General Authority for Supply Commodities (GASC) held a tender to buy wheat on Thursday which highlighted the market chaos and uncertainty. There was only one offer from French exporters at a price including freight just below $450/t.

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 Powell.

World wheat markets have seen less volatile trading than they have over the past three to four weeks, but prices continue to be underpinned by the worsening situation in Ukraine. US President Biden said on Thursday that there was now every indication that Russia was planning to invade Ukraine in the next few days. Should this be the case, it seems likely there would be interruptions to wheat exports from the Black Sea region, which is a serious concern considering that Russia, Ukraine and Romania continue to dominate international tenders.

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. 

Countryside Stewardship schemes have always been part of the UK farming industry, but with the changes to Basic Payment Schemes (BPS), the future of farming is changing. A good Stewardship scheme can be an integral part of all farming businesses and is a great way to fill the gap that's caused by the losses in BPS.

When advising growers, I regularly discuss Countryside Stewardship options and how they can be integrated into the farm business. These conversations are with many types of growers who have farms of many different sizes, from large estates to smaller family run units.

This is a phrase we are all familiar with – in fact, in the past few years I've rarely gone more than two conferences or webinars without someone saying it, including me. However, now more than ever it resonates with me for our industry. Growers are increasingly having to become experts in several areas: not only are you crop production specialists but also environmental managers, accountants, HR advisors and many more things to boot.

The threat of conflict between Russia and Ukraine continues to generate price volatility in world wheat markets. The week started with an optimistic view from traders that a diplomatic solution to the tensions could be found following a seemingly successful meeting between French president Emmanuel Macron and Russian president Vladimir Putin. This triggered a bout of selling on futures markets on Tuesday.

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. 

Following last week's notable volatility, wheat markets started this week making sharp loses and struggled to find any form of recovery. The threat of conflict between Russia and Ukraine remains and, should this be realised, wheat futures prices would rally again. Speculative longs have, however, been encouraged by progress with diplomatic solutions, with many having subsequently taken the exit, bringing futures prices down in the process.

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 Powell.

To be frank, a sample bag of grain doesn't really tend to excite many of us. Why would it? It's just a sample, it's minute in comparison to the hard graft that's come before it. But then – if we really think about it – doesn't that make it quite a significant thing?

That bag of grain represents at least a year of hard work; significant investments, the challenges you've overcome and the opportunities you've taken. When you consider the efforts that have gone into creating that bag of grain you realise that, if we are to be completely honest, it all comes down to that bag. The fact is that it isn't just grain in there. It's information, data, learnings, it's proof of things that worked well and sometimes things that didn't.

The world's wheat markets have seen significant price volatility this week. Fuelled by news reports of increased tension between Russia and the Ukraine, short covering and speculative buying extended gains on Chicago Board of Trade (CBOT) wheat futures by 6% by the close of Tuesday and took the market to its highest level since the end of November last year.

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.

World wheat markets rallied sharply this week, reacting to mainstream media reports of increasing tension between Russia and the Ukraine. This was highlighted by Chicago Board of Trade (CBOT) wheat futures which gained over 7% and, in doing so, recaptured all the losses they had made so far in 2022.

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.

It's well understood that the turn of a new year often brings with it some updated farm policy. Evolving requirements, subsidy scheme adaptations and legislation are certainly nothing new.

This is the case again for 2022, only the changes ahead are some of the biggest our industry has seen. It's no understatement when we say there's a been a lot for farmers (and advisors) to digest in recent months and there are still some new policy elements to be clarified. 

The start of a new year is often when most of us traditionally think back to what has happened over the past 12 months before looking ahead at those to come.

Before Christmas, we published this news release announcing some exciting digital investments that have upgraded our variable rate nitrogen service for 2022. One of the most significant developments is the adoption of radar technology, meaning users can now access cloud-free imagery.

Maize is an important crop on many farms across the country, from east to west and increasingly north to south. For those growing it, however, there are some issues which can arise from bare maize stubbles left over winter and it's important to mitigate them. If left, the land can become vulnerable to surface water runoff, soil erosion and nitrate leaching.

World wheat prices have fallen again this week, which was highlighted by London wheat futures. Thisextended losses to the lowest level since the middle of last October. Paris wheat futures have led the way down with increasing concerns that the EU export pace is falling behind where it needs to be to meet export estimates.

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 markets made an uncertain start to 2022 but after some early small gains, trade futures prices posted some notable losses. This week, Chicago Board of Trade (CBOT) wheat prices fell to their lowest since mid-October and were followed by the Paris and London futures markets. Strong price support had been expected to continue to come from the world's major wheat importers – including Egypt, China and Algeria - as it had done throughout December. However, such support was found lacking this 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, Sophie Powell.

​At the beginning of December the government released further detail on the Sustainable Farming Incentive (SFI) and how the widescale roll-out to all growers will work in 2022.

Before we look further into the options available to growers later in the blog, it is worth emphasising from the start that the SFI offers a real opportunity for growers to align and unify their crop production goals with their environmental goals. We know that crop and food production are central to farm decision-making but, given what we've seen of the SFI so far, it appears it will be easier to farm in a way that offers environmental benefits while supporting sustainable crop production systems - and receive financial support for doing so.

So, what do we know about the Sustainable Farming Incentive?

Wheat futures markets fell heavily mid-week, losing almost 4% of their value. A number of changing elements led to this long liquidation resulting in the loss of all the gains made last month and the new record high prices. The fast-spreading Omicron variant of Covid-19 presents a host of uncertainties but will almost certainly result in lower demand as the hospitality trade once again has to manage lost business. However, there are changing fundamentals that point towards a more relaxed world wheat balance sheet with an increased supply from some of the world's major wheat exporters.

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.

The United States Department of Agriculture (USDA) published its December World Agricultural Supply and Demand Estimates (WASDE) report on Thursday, presenting a bearish set of wheat data. World production is seen 2.61 million tonnes higher than last month at 777.89 million tonnes. Overall, wheat supplies are seen up 4.3 million tonnes with increased carry in from last season. Production volumes reflect recent official revised estimates which have seen many increases since figures were previously released.

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.