Earlier this week, both US and French wheat futures fell sharply again and struck new contract lows.

Wheat futures have nearly lost half their value from their peak in May 2022 and are under pressure from abundant world wheat supplies and cheaper export sales from Black Sea origins. Offers are reported to have fallen below $200/t FOB – the sterling equivalent of £157/t for milling quality on a vessel at a Black Sea port.

Algeria is thought to have taken advantage of these low prices, securing up to one million tonnes for June delivery at $228/t, including all freight costs. This is almost $40/t below the prices the country paid in its previous tender and is most likely Russian origin.

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