Wheat markets have rallied this week, bouncing back from the sell-off that we saw last week as a result of the coronavirus.
London wheat futures recovered £4 per tonne from Friday's low point, also encouraged higher by sterling weakness versus the euro. A settled UK weather outlook is encouraging for potential spring plantings but winter drilling is now done. Unfortunately, the prospect of a 2020 wheat crop that is little more than half the size of the 2019 crop is a concerning likelihood.