Argentine farmers have excelled in the past year, with the 2021-22 wheat harvest expected to be a record. During November and December they brought in 21.9 million metric tonnes of wheat, according to the Buenos Aires Grain Exchange. That was up some 28 per cent on the same period for the 2020-21 season.

The European Commission on Thursday increased its forecast of European Union common wheat stocks at the end of the 2021/22 season as it revised up sharply expected imports. In monthly supply and demand projections, the Commission projected stocks of common  wheat, or soft wheat, at the end of the season at 13.3 million tonnes, up from 12.9 million seen in December and a four-year high. This month's increase to the stocks forecast was mainly due to a 500,000 tonne upward revision to 2021/22 EU common wheat imports to 2.0 million tonnes.