Global prices continue to be supported by increased levels of demand, though moves in currency markets limited some gains. Wheat markets see sentiment driven support from a proposed Russian grain export limit and an anticipated small US spring wheat area.
Global wheat prices ended the week slightly up, with news of lower-than-anticipated Australian production figures. However, news of large wheat production figures across Black Sea regions look set to weigh on domestic markets in the longer term.
US grain markets lost significant ground last week on the back of an improving weather outlook, significant strengthening of the US dollar and a worsening of the trade relationship between the US and China.