Frontrunner - 9th October 2020

The world’s wheat futures markets rallied to new highs this week as prolonged dry weather conditions threatened wheat crops for some of the world’s leading producers. Speculative funds were increasingly active buyers and took Chicago Board of Trade (CBOT) wheat prices to their highest level for five years.

Wheat crops in Argentina and the US are suffering from a lack of rain, but it is dry soils extending across most of Russia that is raising the greatest concern. Russian farmers have planted over 70% of their winter wheat but ongoing dry conditions and warm temperatures could see newly planted seed fail to germinate. With no change likely in the medium term weather forecast, it is entirely possible that the world’s leading wheat exporter could see a significant fall in its 2021 wheat output...

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