Wheat prices find support at the start of December

China's wheat export cancellation added pressure to global wheat values but the Foreign Agricultural Service (FAS) has announced that China have purchased 440 000 t of US soft red winter wheat which helped give a lift to global wheat prices.

Russian wheat bids remained supported on an FOB basis, with slower exports in November due to winter storms disrupting shipments.

At present the market has been predicted to turn its attention to the final World Agricultural Supply and Demand Estimates (WASDE) report of 2023, with all eyes pointed firmly towards South American weather conditions and the demand side of the picture.