Wheat markets made an uncertain start to 2022 but after some early small gains, trade futures prices posted some notable losses. This week, Chicago Board of Trade (CBOT) wheat prices fell to their lowest since mid-October and were followed by the Paris and London futures markets. Strong price support had been expected to continue to come from the world’s major wheat importers – including Egypt, China and Algeria - as it had done throughout December. However, such support was found lacking this week.

This lack of buying was highlighted by very poor weekly US wheat sales data which showed just 48,600 tonnes sold for the current season; traders had been expecting between 150,000-400,000 tonnes to be sold. New crop sales were just 2,500 tonnes. Overall, just over two-thirds of the US wheat export estimate has been sold compared to the 75% average for this period.

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