Frontrunner - 19th November 2021
European wheat futures struck new record highs in volatile trading this week. Markets continued to rise, reacting to further notable purchases from some of the world’s major wheat importers while being mindful of the likelihood of further export restrictions for Russia, the world’s primary wheat exporter. Algeria weighed in with a chunky purchase, thought to be up to 800,000 tonnes, having to pay up to $384/t including freight for shipment mid-December to the end of January. The country relaxed its bug damage specification, now allowing for up to 1% presence, which enables the country to source 250,000 tonnes of this total from Russia. It has the option to source the remainder from a range of origins as wide apart as Poland and Argentina.