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The United States Department of Agriculture (USDA) published its October World Agricultural Supply and Demand Estimates (WASDE) report last Friday but presented no bullish surprises which contributed to a softer spell for world wheat prices. Minor cuts in production for Brazil, the EU, India and Russia, partly offset by increases for Ukraine, sees world production down 2.8 million tonnes on the previous estimate to a total of 794.08 million tonnes. However, this is still almost four million tonnes up on last year.During intense volatility, markets can move significantly - sometimes in a matter of minutes and outside regular hours. Our MyFarm platform is free to Frontier customers and offers 24-7 access to market information and live grain prices, as well as the option to sell grain at a time that's more convenient. Find out more: www.frontierag.co.uk/myfarminfoFor other topical updates and advice from our experts, subscribe to our blog: www.frontierag.co.uk/blog/subscribe

Geopolitical issues triggered spells of speculative short covering in futures markets this week. Trader concerns over the wider repercussions of a potential retaliation by Israel against Iran increased crude oil prices by over 3% on Monday to over $80/t, its highest since 19th July. This had a positive impact on other commodity markets, including wheat.Away from the tensions in the Middle East, Russian missile strikes on two Ukrainian Black Sea ports, including Odessa, resulted in damage to grain carrying vessels - another reminder of the potential risk around shipping from the world’s cheapest wheat source. During intense volatility, markets can move significantly - sometimes in a matter of minutes and outside regular hours. Our MyFarm platform is free to Frontier customers and offers 24-7 access to market information and live grain prices, as well as the option to sell grain at a time that's more convenient. Find out more: www.frontierag.co.uk/myfarminfoFor other topical updates and advice from our experts, subscribe to our blog: www.frontierag.co.uk/blog/subscribe

Further speculative fund short covering helped wheat prices move higher earlier this week. London wheat futures recovered £3 from last week's low, although further gains to match other wheat futures markets were capped by another spell of sterling strength. The pound reached its highest level against the euro and the US dollar since April 2022, with investors attracted by the Bank of England leaving the UK base rate unchanged as the Federal Reserve cut US interest rates by 0.5%. During current intense volatility, markets can move significantly - sometimes in a matter of minutes and outside regular hours. Our MyFarm platform is free to Frontier customers and offers 24-7 access to market information and live grain prices, as well as the option to sell grain at a time that's more convenient. Find out more: www.frontierag.co.uk/myfarminfoFor other topical updates and advice from our experts, subscribe to our blog: www.frontierag.co.uk/blog/subscribe

The end of last week saw the United States Department of Agriculture (USDA) publish its September World Agricultural Supply and Demand Estimates (WASDE) report. Any expectations for a bullish report to boost prices were dashed. World production was cut 1.5 million tonnes to 796.88 million tonnes and there was also a 900,000-tonne rise in consumption which presented a potential marked cut in year-end stocks. However, increases for carry-in Canadian stock to this season to align with StatsCan leaves year-end stocks up 600,000 tonnes on last month to a total of 257.22 million tonnes. Despite this being eight million tonnes down on last year, the market subsequently found ready sellers.During current intense volatility, markets can move significantly - sometimes in a matter of minutes and outside regular hours. Our MyFarm platform is free to Frontier customers and offers 24-7 access to market information and live grain prices, as well as the option to sell grain at a time that's more convenient. Find out more: www.frontierag.co.uk/myfarminfoFor other topical updates and advice from our experts, subscribe to our blog: www.frontierag.co.uk/blog/subscribe

Wheat futures prices have stabilised over the past week, sitting approximately 7% above their August lows. There is an increasing number of supporting elements to hold prices up, but nothing sufficient enough to move them on to another level yet.Strong Russian and Ukraine exports dominate world trade and spot Russian wheat offers remain anchored at about $218/t FOB, failing to follow outside markets higher. The lack of rain and low soil moisture for drilling crop '25 is an additional watch for an extensive area covering Eastern Ukraine, Russia and Kazakhstan. Russian winter drilling is reported to be at its slowest pace since 2013 because of the dryness. According to the Ukraine Ministry of Agrarian Policy and Food, just 2% of Ukraine winter wheat area is planted due to record high temperatures and dryness.  During current intense volatility, markets can move significantly - sometimes in a matter of minutes and outside regular hours. Our MyFarm platform is free to Frontier customers and offers 24-7 access to market information and live grain prices, as well as the option to sell grain at a time that's more convenient. Find out more: www.frontierag.co.uk/myfarminfoFor other topical updates and advice from our experts, subscribe to our blog: www.frontierag.co.uk/blog/subscribeFollow Frontier Agriculture on Twitter at www.twitter.com/FrontierAg

Wheat markets have enjoyed a buoyant start to September. Just three days into the new month Paris futures topped a 9% price gain from their contract lows seen trading during the last week of August. With the US and EU harvests nearing completion and harvest farm selling pressure drying up, trade liquidity has become an issue at the lower price levels. Speculative short covering has provided buying interest, although the primary negative wheat price driver remains in play. During current intense volatility, markets can move significantly - sometimes in a matter of minutes and outside regular hours. Our MyFarm platform is free to Frontier customers and offers 24-7 access to market information and live grain prices, as well as the option to sell grain at a time that's more convenient. Find out more: www.frontierag.co.uk/myfarminfoFor other topical updates and advice from our experts, subscribe to our blog: www.frontierag.co.uk/blog/subscribeFollow Frontier Agriculture on Twitter at www.twitter.com/FrontierAg

This season’s leisurely pace of EU wheat exports is contributing to market negativity. To the week ending 25th August, exports are ahead by 238,000 tonnes to a total of 3.927 million tonnes which compares with 5.038 million tonnes last season. There is a lower surplus of around 27 million tonnes which is four million tonnes below last year. According to analysts Stratégie Grains, this figure will leave a carryover stock almost four million tonnes lower than the carry in. Therefore, it would be premature to be overly concerned for the slower export pace at this stage. During current intense volatility, markets can move significantly - sometimes in a matter of minutes and outside regular hours. Our MyFarm platform is free to Frontier customers and offers 24-7 access to market information and live grain prices, as well as the option to sell grain at a time that's more convenient. Find out more: www.frontierag.co.uk/myfarminfoFor other topical updates and advice from our experts, subscribe to our blog: www.frontierag.co.uk/blog/subscribeFollow Frontier Agriculture on Twitter at www.twitter.com/FrontierAg

Poor EU wheat export demand, particularly for French wheat, sent Paris wheat futures to their lowest levels since the middle of March. EU wheat shipments were up just 337,000 tonnes on the week to 3.553 million tonnes which compares to 4.527 million tonnes in the same period last year. Romania is the top EU shipper so far with close to 1.5 million tonnes, almost three times the French pace. Egypt has received the most wheat with imports of 505,000 tonnes, followed by Nigeria and Morocco. The UK is number five on the list, having taken 202,000 tonnes already - which includes German milling wheat. The low protein issues, coupled with the low planted area of UK bread making varieties for this harvest, is limiting availability for our domestic millers. German milling wheat imports look set to be the largest since 2012 as a result and could exceed one million tonnes.During current intense volatility, markets can move significantly - sometimes in a matter of minutes and outside regular hours. Our MyFarm platform is free to Frontier customers and offers 24-7 access to market information and live grain prices, as well as the option to sell grain at a time that's more convenient. Find out more: www.frontierag.co.uk/myfarminfoFor other topical updates and advice from our experts, subscribe to our blog: www.frontierag.co.uk/blog/subscribeFollow Frontier Agriculture on Twitter at www.twitter.com/FrontierAg