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Frontrunner - 1st October 2021

Paris and London wheat futures rallied to new contract highs this week, the jump in prices triggered by bullish wheat stocks and production data from the United States Department of Agriculture (USDA). US wheat stocks estimates for the 1st September 2021 have been set at 1.78 billion bushels - 70 million bushels below average trade estimates and the lowest since 2007. The USDA also cut its 2021 US wheat production estimate by 50 million bushels from its previous estimate, down to a new total of 1.646 billion bushels. This is the equivalent of 44.79 million tonnes and, if realised, will be the smallest US wheat crop for 19 years.

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