Frontrunner - 10th February 2023

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. 

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