World wheat markets rallied this week following the publication of the November World Agricultural Supply and Demand Estimates (WASDE) report from the United States Department of Agriculture (USDA) on Tuesday afternoon. There were few changes to the world wheat estimates from last month’s report.

Russian production increased by half a million tonnes to 83.5 million tonnes, the Argentinian estimate was cut by one million tonnes to 18 million tonnes and, surprisingly, the estimate did not change at all for Australia, remaining at 28.5 million tonnes, despite estimates from private analysts being as high as 32 million tonnes...

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