Chinese import delays have put pressure on wheat prices

According to European traders, Chinese buyers have pushed back to March, from December, imports of some of the 2 - 2.5 million t of French wheat they have believed to have bought.

The move undermined ideas of China’s appetite for wheat imports, after the country’s own crop suffered damage from harvest-time rains, provoking ideas it may make substantial purchases this season on the international market.

Paris milling wheat for March 2024 shed 1.6% to fall below €225/t for the first time since February 2022.

Chicago soft red winter wheat - which had shown signs of consolidating last week, helped by a Chinese purchase - dipped by 3% for March 2024 and set contract lows, a fate shared by March 2024 hard red winter wheat and Minneapolis spring wheat futures too.

US wheat exports the previous week, at 277 000 t, were 90 000 t down week on week too.

London feed wheat for November 2023 shed a more modest 0.9%, protected somewhat by the lack of urgency for the UK to compete for exports, given a disappointing harvest this year and compromised prospects for harvest 2024 thanks to a wet autumn sowings window.