This week world wheat markets have continued the new year in decent shape, as Russia continues to dominate wheat export share by under cutting other origins.
Paris wheat futures fell to new contract lows under the weight of old crop wheat supplies, despite concerns for 2024 production potential. In its latest tender to buy wheat, the General Authority For Supply Commodities (GASC) purchased 420,000 tonnes of Russian wheat for delivery through February and March at the Russian floor price $265 FOB. There was just one French offer which, including freight, was about $17/t too expensive to compete with the Russian sales, highlighting the competitive challenges in world trade.
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.