We’re working on a new and improved website. In the meantime you can continue to access our existing site.

Frontrunner - 20th June 2024

Chicago Board of Trade (CBOT) wheat futures continued to fall sharply this week, only pausing mid-week when US markets closed for a public holiday. By end-of-trade on Tuesday, the December 2024 position had fallen to its lowest since 22nd April, marking an 18% fall in value from the recent peak on 28th May.

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. 

Continue reading

Frontrunner - 13th June 2024

Global wheat markets continued to fall earlier in the week. US Chicago Board of Trade (CBOT) wheat futures dropped for the ninth consecutive day on Monday, reaching their lowest levels since early May and marking a 14% decline in value since the recent peak at the end of May.

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.

Continue reading

Frontrunner - 6th June 2024

This week, Chicago Board of Trade (CBOT) ended Tuesday 14 cents down, posting its fifth consecutive lower close.

Upbeat US crop condition weighed on the US market, despite a wealth of international trade activity. European markets maintained their value as France proved successful in capturing market share in international trade.

US winter wheat condition improved by one point, increasing to 49% of the area rated 'good/excellent' which is still notably ahead of last year's 36%. 83% is headed which is up on the average 78%. The US wheat harvest is underway with 6% complete, double the pace this time last year and the average.

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.

Continue reading

Frontrunner - 30th May 2024

French 2024 wheat futures have hit their highest levels since November 2022, driven by further downgrades in Russia's 2024 wheat harvest potential.

While UK and US markets observed a public holiday on Monday, the Paris market surged by nearly 3%. The Russian Grain Union reported frost damage which affected potentially two million hectares. The Institute for Agricultural Market Studies, IKAR, further reduced its Russian wheat production estimate to 81.5 million tonnes, down from 83.5 million tonnes. 

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. 

Continue reading

Frontrunner - 23rd May 2024

Further cuts to Russian 2024 wheat production estimates and concerns for Ukraine output have reignited speculative buying interest, sending futures markets higher and setting new recent highs. Chicago Board of Trade (CBOT) wheat rose to its highest since August 2023 and French wheat futures to their highest since February 2023, whilst London futures struggled to match the pace as sterling continued to appreciate versus the euro.

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. 

Continue reading

Frontrunner - 16th May 2024

Last Friday, the United States Department of Agriculture (USDA) published its first grain balance sheet estimates for next season.

World wheat production is seen higher by 10.5 million tonnes on the year to a total of 798.19 million tonnes, but corn will be lower by eight million tonnes to a total of 1.22 billion tonnes. Increases in consumption for both wheat and corn see stocks falling by 4.2 million tonnes and 800,000 tonnes respectively by the end of next season.

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. 

Continue reading

Frontrunner - 9th May 2024

After a sluggish start to the year, wheat prices experienced a remarkable turnaround in the last days of April, surging to multi-month highs. Speculative funds, which had previously driven prices lower by building record short positions in wheat futures markets, reversed their stance.

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. 

Continue reading

Frontrunner - 2nd May 2024

Last week, speculative fund short covering took UK wheat futures to their highest levels in 2024 so far. Prolonged dryness and temperatures in the high 20s across much of southern Russia and east Ukraine were the primary price drivers.

However, cooler temperatures and rain over the weekend means buyers have taken a step back and sellers are keen to take advantage of these attractive prices – this has taken markets lower again.

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. 

Continue reading

Frontrunner - 25th April 2024

In an eventful week for the wheat markets, speculative fund short-covering spurred a sharp ascent, propelling London November 2024 wheat futures past £200/t - their highest level since 10th January. Geopolitical tensions and weather fluctuations initially fuelled the surge, although values retraced mid-week. Escalating missile attacks on the Ukrainian Black Sea port of Odesa by Russia over the weekend, coupled with the US government's proposed $61 billion support for Ukraine's war efforts against Russia, prompted speculative funds to reduce their near-record short positions in global agricultural futures markets.

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. 

Continue reading

Frontrunner - 18th April 2024

Last week's United States Department of Agriculture (USDA) report brought minimal shifts in the global wheat landscape. While world wheat production saw a slight increase to 787.36 million tonnes and consumption rose marginally to 800.1 million tonnes, end stocks dipped to 258.27 million tonnes. Notably, the adjustments made for India hint at a potentially bullish scenario for world wheat markets.

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.

Continue reading

Frontrunner - 11th April 2024

The latest weekly crop condition and progress report from the US highlights a positive outlook for production potential. Winter wheat maintained a steady condition, seen 56% 'good/excellent', which is unchanged on the week. However, this is significantly higher than the same period last year when just 27% of the crop was seen looking this well. Kansas is the number one producing state and edged one point higher on the week, to 49% 'good/excellent'.

Spring wheat and corn planting is off to a good start with the US spring wheat area 3% planted, as expected, up from 1% last week and last year, and unchanged from 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, Lucinda Redgate.

Continue reading

Frontrunner - 4th April 2024

The United States Department of Agriculture (USDA) presented a bullish set of data before the Easter weekend and sent futures prices higher.

On 1st March, US wheat stocks were marginally higher than average expectations at 1.087 billion bushels versus 1.044 billion bushels. This was also up on last year which was 0.941 billion bushels.

The surprises for the market didn't come from the stocks though, rather it was the lower-than-expected 2024 US corn and US winter wheat prospective planted areas. Winter wheat is seen down to 34.135 million acres which is at the bottom end of trade guesses - these ranged from 34 million acres to 38.37 million acres and notably the Ag Forum estimated 34.425 million acres. 

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.

Continue reading

Frontrunner - 28th March 2024

World wheat futures markets enjoyed a short-lived price spike at the end of last week. Early on Monday, follow-through buying took Paris futures to their highest since 7th February and 22 euros above the contract low seen earlier this month. Prices rallied following the news that the largest private Russian grain exporter was in dispute with Russian authorities and was not being issued with the appropriate documentation to allow vessels loaded with grain to sail to their end destinations.

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. 

Continue reading

Frontrunner - 21st March 2024

Speculative fund short covering has driven wheat futures higher in recent days, led primarily by gains in the Paris market. The May 2024 contract breached €200/t on Tuesday which was the market's highest level since 27th February 2024.

The funds had built record short positions in the Paris wheat market but improved physical wheat demand, Black Sea supply concerns and EU political moves have been the catalysts to trigger a need to reduce the exposure to potentially higher prices.

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. 

Continue reading

Frontrunner - 14th March 2024

The United States Department of Agriculture (USDA) published its March World Agricultural Supply and Demand Estimates (WASDE) late last Friday afternoon, trimming end stocks for both world wheat and corn which helped to lift prices.

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.

Continue reading

Frontrunner - 7th March 2024

Earlier this week, both US and French wheat futures fell sharply again and struck new contract lows.

Wheat futures have nearly lost half their value from their peak in May 2022 and are under pressure from abundant world wheat supplies and cheaper export sales from Black Sea origins. Offers are reported to have fallen below $200/t FOB – the sterling equivalent of £157/t for milling quality on a vessel at a Black Sea port. 

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. 

Continue reading

Frontrunner - 29th February 2024

So far, 2024 has proven to be disappointing for wheat prices. London wheat futures lost 20% of their value over the first seven weeks of the new year, but in week eight they managed to reverse the trend and for the first time this year closed higher on the week. There was little to be bullish about and the gains were more a desire for speculative traders to lock in profits as wheat futures bounced higher from their contract lows.

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. 

Continue reading

Frontrunner - 22nd February 2024

So far, 2024 has been a bad year for wheat prices under the weight of world grain.

This is now heavier according to the International Grains Council who raised its latest world corn production estimate by four million tonnes to a total of 1.234 billion tonnes, now 71 million tonnes up on last year. World wheat production was left unchanged at 788 million tonnes.

London wheat futures have lost over 16% of their value since the end of last year and they struck a new contract low earlier this week. Subsequently, a spell of short covering for world markets delivered a £7/t gain and signalled a pause in declining prices. Growers who had set triggers in Frontier's MyFarm online pricing system were notified of this and were able to take advantage of the short reversal in trend.

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. You can also hear from pulses manager, Andy Bury.

Continue reading

Frontrunner - 15th February 2024

Late last Wednesday, the United States Department of Agriculture (USDA) published its February World Agricultural Supply and Demand Estimates (WASDE) report and there were very few changes from January's numbers. Year-end stocks for both world wheat and corn will be less than estimated in the previous month's report, but the cuts made were insufficient to halt the slide in wheat prices seen since the beginning of 2024.

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. 

Continue reading

Frontrunner - 8th February 2024

By midweek, European wheat markets established new contract lows and extended their 2024 price decline.

Slow demand, uninterrupted wheat exports from the Black Sea and no tangible weather issues has seen London wheat futures shed £25/t in value since the end of 2023. There seems little in sight at this stage to arrest the current trend. 

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. 

Continue reading

We use cookies to improve our website and your experience when using it. Cookies used for the essential operation of the site have already been set. To find out more about the cookies we use and how to delete them, see our Cookie Policy.

OK