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Frontrunner - 15th July 2022

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On Tuesday, the United States Department of Agriculture (USDA) published its July updates to its World Agricultural Supply and Demands Estimates (WASDE) report. Revisions were relatively mild but continued long liquidation on futures markets was encouraged by increases to production estimates and stocks for US wheat and corn, as well as cuts to world demand figures for each commodity resulting in a higher stock than the previous month.

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.

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Frontrunner - 8th July 2022

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The General Authority for Supply Commodities (GASC) adopted a change to its method for wheat import purchases this week, entering into direct talks with exporters in preference to where it usually holds a general purchase tender. Egypt bought around 444,000 tonnes, adding to the 815,000 tonnes it bought last week, split between Russia with 214,000 tonnes, France with 170,000 tonnes and 60,000 tonnes from Romania. 

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. 

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Frontrunner - 1st July 2022

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The General Authority for Supply Commodities (GASC) made its largest single wheat purchase for over 13 years this week, buying 815,000 tonnes for shipment during August, September and October. Last weekend, the Egyptian Minister for Supply and Internal Trade said his country needed to import ten million tonnes of wheat over the next six months while having secured 3.9 million tonnes from local farmers and having wheat reserves sufficient for almost six months.

You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is ready by marketing assistant, Becca Russell. 

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Frontrunner - 24th June 2022

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World wheat futures have fallen sharply this week, as highlighted by the US Chicago Board of Trade (CBOT), for which wheat values declined almost 9.5% since last Friday's close. These losses have been driven by fears of demand destruction in light of failing economies, unaffordable high commodity prices and grain that remains trapped in Ukraine.

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.

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Frontrunner - 10th June 2022

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Recent market weakness has been driven by expectations that a solution will be found for releasing trapped Ukrainian grain for shipment through Black Sea ports. This week, meetings took place in Turkey with Russian officials to secure safe routes for grain exports. Russia said that Ukraine must demine approaches to ports and that Russian forces would check ships entering Ukrainian ports which could then load grain and proceed to international waters.

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.

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Frontrunner - 29th April 2022

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There are new contract highs for 2022 European new crop wheat futures this week, as markets continue to react to the longer-term threats to Black Sea wheat supplies - particularly those from Ukraine. The London November 2022 contract passed £300/t for the first time and the old crop May 2022 contract set a new record with a high of £332.20/t.

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. 

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Frontrunner - 8th April 2022

Grain markets have continued to see volatile trading and early in the week US wheat futures rallied following the first 2022 national crop condition and progress report from the United States Department of Agriculture (USDA). Winter wheat crops are in a particularly poor condition, with ratings as bad as they have ever been at this time of year, with the exception of the 1996 crop. Crops have suffered from prolonged dry conditions, expanding drought and storms in December.

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. 

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Frontrunner - 25th March 2022

Global wheat markets experienced another week of notable price volatility in the wake of the continuing Russia-Ukraine conflict. European wheat futures struck new contract highs due to increasing fears that there will be no short-term end to the conflict and that there will be significant cuts to Ukrainian 2022 grain production.

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. 

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Frontrunner - 18th March 2022

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.

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Frontrunner - 4th March 2022

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.

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Frontrunner - 25th February 2022

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.

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Frontrunner - 18th February 2022

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. 

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Frontrunner - 4th February 2022

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.

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  2154 Hits

Frontrunner - 28th January 2022

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.

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  2102 Hits

Frontrunner - 21st January 2022

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.

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Frontrunner - 14th January 2022

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. 

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Frontrunner - 7th January 2022

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.

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Frontrunner - 17th December 2021

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.

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Frontrunner - 10th December 2021

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.

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Frontrunner - 3rd December 2021

Wheat markets have endured a volatile week of trading, as traders and speculators reacted to the uncertainty of the latest Covid-19 variant Omicron and what it might bring. Having peaked at nine-year highs last week, Chicago Board of Trade (CBOT) wheat futures lost over 10% of their value by close of business on Tuesday. This was due to a wave of panic selling, which caused prices to tumble. European wheat futures made similar losses from their record highs last week.

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. 

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  2408 Hits

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