Wheat futures prices have stabilised over the past week, sitting approximately 7% above their August lows. There is an increasing number of supporting elements to hold prices up, but nothing sufficient enough to move them on to another level yet.

Strong Russian and Ukraine exports dominate world trade and spot Russian wheat offers remain anchored at about $218/t FOB, failing to follow outside markets higher. The lack of rain and low soil moisture for drilling crop '25 is an additional watch for an extensive area covering Eastern Ukraine, Russia and Kazakhstan. Russian winter drilling is reported to be at its slowest pace since 2013 because of the dryness. According to the Ukraine Ministry of Agrarian Policy and Food, just 2% of Ukraine winter wheat area is planted due to record high temperatures and dryness.  

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. 

Wheat markets have enjoyed a buoyant start to September. Just three days into the new month Paris futures topped a 9% price gain from their contract lows seen trading during the last week of August. With the US and EU harvests nearing completion and harvest farm selling pressure drying up, trade liquidity has become an issue at the lower price levels. Speculative short covering has provided buying interest, although the primary negative wheat price driver remains in play.

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. 

This season's leisurely pace of EU wheat exports is contributing to market negativity. To the week ending 25^th August, exports are ahead by 238,000 tonnes to a total of 3.927 million tonnes which compares with 5.038 million tonnes last season.

There is a lower surplus of around 27 million tonnes which is four million tonnes below last year. According to analysts Stratégie Grains, this figure will leave a carryover stock almost four million tonnes lower than the carry in. Therefore, it would be premature to be overly concerned for the slower export pace at this stage.

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.

Poor EU wheat export demand, particularly for French wheat, sent Paris wheat futures to their lowest levels since the middle of March.

EU wheat shipments were up just 337,000 tonnes on the week to 3.553 million tonnes which compares to 4.527 million tonnes in the same period last year. Romania is the top EU shipper so far with close to 1.5 million tonnes, almost three times the French pace. Egypt has received the most wheat with imports of 505,000 tonnes, followed by Nigeria and Morocco. 

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. 

On Monday this week the United States Department of Agriculture (USDA) published its August World Agricultural Supply Demands Estimate (WASDE). Traders expected to see a slight increase in US wheat production, but despite seeing a higher yield, the USDA also saw a smaller harvested area. This left US wheat production dropping from the previous estimate of 54.66 million tonnes to 53.93 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, Lucinda Redgate. 

Oilseed rape (OSR) has the potential to be one of the most profitable break crops in a rotation, but it isn't without its challenges. Most notable are the difficulties in establishing, maintaining and protecting the crop from cabbage stem flea beetle (CSFB).

With the right guidance and support, OSR can deliver profitable margins for your business. But ultimately, crop success is dependent on good establishment so in this blog we're sharing some of the ways to help achieve this. 

Improving production prospects for US wheat and corn has encouraged speculative funds to build near record short positions in Chicago Board of Trade (CBOT) futures, sending markets to contract lows at the end of July. The subsequent weakness in the US dollar – which has enabled US grains to be more competitive in export markets - has allowed for a modest wheat price recovery, but strong crop ratings temper any notable buying enthusiasm.

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. 

Up until Wednesday, the past week has seen the bears take control of the market.

London wheat futures for the November contract opened at £195.75/t last Thursday before shedding £8.50/t to a low of £187.25/t on Tuesday – they recovered by close of play Wednesday.

Paris wheat futures for the December contract followed a similar pattern. They opened at €231.25/t last Thursday, then dropped by €9.75/t to a low of €221.50/t and recovered on Wednesday by closing at €227.50/t. 

You can also listen to the Frontrunner podcast - press play to hear the latest report. The week's report is read by agronomist, Alex Pope.

Reports of poor quality and plunging crop ratings triggered a sharp price rally for wheat futures markets earlier this week, as the French wheat harvest progressed northwards. Paris wheat futures found strength, adding 12 euros from its recent low last week.

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. 

This year we've continued to see an elevated amount of storage challenges across the industry, a problem faced by both farmers and professional stores alike.

Last year's harvest was a mixed affair depending on your geographical location, but most experienced a very catchy harvest with varying bulks being presented to stores.

In a lot of scenarios this meant putting product into store that covered many variables (dried, not dried, hot, cool, lower quality, ad-mix etc). For storekeepers, this once again meant that bringing the bulks down in a quick, efficient and consistent manner also put a strain on store equipment.

Looking at the crop that is destined for harvest this summer, the words 'variable quality' probably don't do the challenge facing farm and commercial stores justice. On top of this, there may be some stores which aren't fully emptied ahead of harvest.

Last Friday, the United States Department of Agriculture (USDA) published its July World Agricultural Supply and Demands Estimates (WASDE) report, making notable increases for 2024 world wheat production which was increased by 5.4 million tonnes on the previous report.

This was particularly bearish data which triggered another wave of speculative fund selling and subsequently, the Chicago Board of Trade (CBOT) wheat futures lost a further 6% of their value - striking new contract lows. 

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.

US 2024 wheat production looks set to be the largest for five years as winter wheat harvest progresses at a fast pace and the spring wheat condition continues to improve.

Last month, the United States Department of Agriculture (USDA) increased its total 2024-25 US wheat crop estimate up to 51 million tonnes which, if realised, will be the biggest crop since 2019 when US farmers harvested over 52 million tonnes.

The USDA weekly US crop progress report put the winter wheat harvest at 63% complete, which is up from 54% the previous week and well ahead of this time last year when only 43% had been combined. The spring wheat condition improved three points - now up to 75% rated 'good/excellent' which is well ahead of last year's 47%.

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.

June saw a significant decline in wheat prices. Futures prices had peaked at the end of May due to concerns over Russian wheat production for 2024. As these fears eased and prospects for other major wheat producers improved, managed money traders sold heavily.

Consequently, US Chicago Board of Trade (CBOT) wheat futures lost 25% of their value. On the last day of June, the United States Department of Agriculture (USDA) reported increased wheat and corn stocks compared to the previous year - corn planting is ahead of last year, adding to the bearish sentiment.

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 have continued to fall as crop concerns ease and demand remains uncertain. Speculative managed funds trading the US Chicago Board of Trade (CBOT) wheat market were sellers again on Tuesday for the seventeenth time in the last 19 trading days. This has left the December CBOT position at its lowest since 15^th March 2024 and just 16 cents away from the lowest point so far this year.

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. 

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 22^nd April, marking an 18% fall in value from the recent peak on 28^th 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. 

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.

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.

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. 

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. 

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.