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.