Frontrunner

Wheat markets have endured a volatile week’s trading with focus on the talks between representatives from Ukraine, Russia and the UN as they discussed the renewal of the Black Sea export deal. Russian officials have indicated that there is no objection from Russia to a deal extension, but that this extension would be limited to a 60-day term. This is due to Russia’s belief that western sanctions are preventing the free flow of its agricultural produce and harming its trade. In response, a Ukrainian official has stated that anything less than a 120-day extension would be in violation of the agreement. At the time of writing, the UN has not confirmed an extension or provided further details on possible terms.During current intense volatility, markets can move significantly - sometimes in a matter of minutes and outside regular hours. Our MyFarm platform is free to Frontier customers and offers 24-7 access to market information and live grain prices, as well as the option to sell grain at a time that's more convenient. Find out more: www.frontierag.co.uk/myfarminfoFor other topical updates and advice from our experts, subscribe to our blog: www.frontierag.co.uk/blog/subscribeFollow Frontier Agriculture on Twitter at www.twitter.com/FrontierAg

World wheat futures markets continued to fall this week and have now lost 14% of their value since the end of 2022. The primary drivers for the market negativity are twofold. Firstly, the ongoing competition from cheap Russian wheat exports following Russia’s record 2022 wheat crop; and secondly, a strong belief the Ukraine Black Sea export deal with Russia and the UN will renew at the end of next week. If this is the case, Ukraine will continue to ship cheaply offered wheat, corn and other grains on world markets. This makes it likely the US, the EU and other major exporters will be left with burdensome year end stocks. During current intense volatility, markets can move significantly - sometimes in a matter of minutes and outside regular hours. Our MyFarm platform is free to Frontier customers and offers 24-7 access to market information and live grain prices, as well as the option to sell grain at a time that's more convenient. Find out more: www.frontierag.co.uk/myfarminfoFor other topical updates and advice from our experts, subscribe to our blog: www.frontierag.co.uk/blog/subscribeFollow Frontier Agriculture on Twitter at www.twitter.com/FrontierAg

European wheat markets have fallen sharply this week, dropping back to price levels seen towards the end of last month. Markets had previously risen due to concerns around the Ukraine Black Sea export deal with Russia and the UN not likely to renew next month, which will be when the timeline for the previous agreement comes to an end. Recent comments from Russian officials suggested some dissatisfaction that the deal was not working in its favour. However, in a public address this week, President Putin made no comments to indicate the deal will not be renewed. Despite this, a date for renegotiation has not yet been set. Ukraine will ask Turkey and the UN for a one-year extension to the export deal and to expand it to include the ports of Mykolaiv.During current intense volatility, markets can move significantly - sometimes in a matter of minutes and outside regular hours. Our MyFarm platform is free to Frontier customers and offers 24-7 access to market information and live grain prices, as well as the option to sell grain at a time that's more convenient. Find out more: www.frontierag.co.uk/myfarminfoFor other topical updates and advice from our experts, subscribe to our blog: www.frontierag.co.uk/blog/subscribeFollow Frontier Agriculture on Twitter at www.twitter.com/FrontierAg

There were few developments in the wheat market this week, with attention remaining focused on the Russia-Ukraine conflict. Next week will mark one year since the conflict began and this has seen London wheat futures reach their highest level since the 24th March.During current intense volatility, markets can move significantly - sometimes in a matter of minutes and outside regular hours. Our MyFarm platform is free to Frontier customers and offers 24-7 access to market information and live grain prices, as well as the option to sell grain at a time that's more convenient. Find out more: www.frontierag.co.uk/myfarminfoFor other topical updates and advice from our experts, subscribe to our blog: www.frontierag.co.uk/blog/subscribeFollow Frontier Agriculture on Twitter at www.twitter.com/FrontierAg

This week world wheat markets continued their February recovery, shaking off the January blues. London wheat futures reached their highest level since 6th January, following European markets higher. The euro has been weak compared to the US dollar, with a 2% drop in value from last week’s ten-month high. This allows EU wheat to become more competitive and a key factor in trying to secure export sales to Algeria in its latest tender. Official EU wheat exports are now seen at 19 million tonnes, although private analysts estimate shipments at least one million tonnes ahead of that figure from an overall surplus of 30 million tonnes. During current intense volatility, markets can move significantly - sometimes in a matter of minutes and outside regular hours. Our MyFarm platform is free to Frontier customers and offers 24-7 access to market information and live grain prices, as well as the option to sell grain at a time that's more convenient. Find out more: www.frontierag.co.uk/myfarminfoFor other topical updates and advice from our experts, subscribe to our blog: www.frontierag.co.uk/blog/subscribeFollow Frontier Agriculture on Twitter at www.twitter.com/FrontierAg

US wheat production prospects for the 2023 harvest remain in question following a period of challenging weather conditions, also taking into account an increase in the planted area. In January, the United States Department of Agriculture (USDA) estimated US farmers had planted 36.95 million acres - an 11% increase on the year. Although others estimate less, if this growth is accurate there is a question around how much of that area will provide a crop. During current intense volatility, markets can move significantly - sometimes in a matter of minutes and outside regular hours. Our MyFarm platform is free to Frontier customers and offers 24-7 access to market information and live grain prices, as well as the option to sell grain at a time that's more convenient. Find out more: www.frontierag.co.uk/myfarminfoFor other topical updates and advice from our experts, subscribe to our blog: www.frontierag.co.uk/blog/subscribeFollow Frontier Agriculture on Twitter at www.twitter.com/FrontierAg