Frontrunner - 10th September 2021
FranceAgriMer updated its French wheat crop data this week with changes that highlighted the poor quality of its crop. Domestic and export milling specifications demand that grain specific weight meets at least 76kgs but only 30% of the crop is estimated to have reached that standard. Such poor French wheat crop quality is unusual; last season over 98% of France’s crop met the minimum 76kgs standard. The Hagberg falling number (HFN) is also an issue, with only 67% meeting the minimum 220 specification.
With up to 70% of French wheat only at feed standard, traditional UK feed wheat export homes will be extremely competitive. This likelihood has contributed to the additional negativity seen in UK wheat futures this week.