World wheat markets have fallen again this week as a result of the pressure of improving production potential for some of the world’s primary exporters. Chicago Board of Trade (CBOT) wheat prices are now 10% below their end-of-April high and London wheat futures hit a low at £21.50/t beneath their recent peak.
Conversely, US winter wheat prospects look particularly upbeat following this week’s annual Kansas crop tour. Yields for the south west of the state are seen at 56.7bu/a, which is significantly higher than the five-year average of 42.7bu/a. There were similar results from northern Kansas, which is the primary US winter wheat producing state; it is set for a crop with a record yield.
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