London wheat futures prices gained 3.5% from their low on Monday and came within £4/t of the contract high which was achieved in the middle of August. Following higher world market prices, there seemed no clear catalyst for the sharp price rise, but the latest export data from the EU and US was supportive.
Last week, analyst group Stratégie Grains cut its EU wheat export availability estimate by 1.7 million tonnes down to a new estimate of 31 million tonnes. This is as a result of a lower EU wheat production estimate; Stratégie Grains has reduced this figure by 2.4 million tonnes to a new estimate of 129.1 million tonnes. The latest EU export data shows that over 6.5 million tonnes has now been shipped this season, which is two million tonnes ahead of this time last season.
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09/24/21 • 13 min
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