EU Wheat Exports

Brussels have granted export licences for just over a million tonnes of soft wheat this past week, taking the year-to-date total to 6.35 MMT compared to 4.7 MMT at this point last season.

Wow, demand for wheat is huge isn't it even at these prices, we're going to run out by Christmas at this rate.

Hang on a minute, when was all this wheat sold exactly? Was it last week or six months ago? When Johnny Grain Trader was so keen on getting his name in the papers he was giving the stuff away, at the bottom of the market, to all manner of exotic destinations?