US, French and London wheat futures markets have all continued to rally this week, reaching highs not seen for almost a year and a half.
Following the signing of the 'phase one' trade deal last week, the US market is firmer as a result of expectations for export trade to China. Support there also comes from their export pace which is running 15% ahead of last year.
French wheat futures are higher on strong EU export demand which, at 15.7 million tonnes so far this season, is running 71% ahead of last year. The strike action that is crippling French export facilities is also creating a technical rise in French wheat futures as shorts try to buy back their positions in the nearby contract.