World wheat markets have made impressive gains in price since harvest, highlighted by US Chicago Board of Trade (CBOT) wheat futures which, by the end of last week, had gained over 25% in value. This is impressive as the United States Department of Agriculture (USDA) estimates a record world wheat crop of 733 million tonnes - up nine million tonnes on last year. Furthermore, USDA estimates see stocks rising by 22 million tonnes on the year to 321 million tonnes. Price gains have been generated by both strong international demand and a record-breaking export pace from Black Sea regions. Prolonged dry weather and dry soils in the US and Russia have added to the bullish sentiment in recent weeks, raising concerns for newly planted winter wheat crops.

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