Speculative selling on wheat futures markets continued this week and saw values from the Chicago Board of Trade (CBOT) drop to a six-week low. The increasing size of the Russian wheat crop seemed sufficient to encourage sellers, as analysts published new estimates surpassing 80 million tonnes. Average yields are running above last year and, with a larger wheat area drilled, it seems likely that Russia will produce its second largest wheat crop on record. However, there is still time for the average yield to fall as some of the worst drought-affected spring wheat areas are yet to be combined.
You can also listen to the Frontrunner podcast - press play to hear the latest report. The report is read this week by barley trader, Westly Garner.