Frontrunner - 14th January 2022

World wheat prices have fallen again this week, which was highlighted by London wheat futures. This extended losses to the lowest level since the middle of last October. Paris wheat futures have led the way down with increasing concerns that the EU export pace is falling behind where it needs to be to meet export estimates. Brussels updated its weekly EU wheat export data, which included French data that was previously lacking. Shipments to 9th January 2022 rose to 15.1 million tonnes, up by 1.1 million tonnes on the week. However, this is less than half the surplus gone with less than half the season left to clear the surplus wheat. Shipments last season at the same time were 14.8 million tonnes from a total available surplus of 27.5 million tonnes. Analyst, Strategie Grains cut its EU wheat export estimate by 300,000 down to 31.2 million tonnes. This was due to strong competition from Argentina and the Black Sea opposing the traditional EU market. It was thought French wheat might be excluded from an Algerian wheat tender held this week.

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