Andrew Whitelaw
- Indexed articles, last 90 days
- 40
- Latest publication
- Sep 29, 2026
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- Jul 6, 2026
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Wheat markets ease as Black Sea grain shipment agreement rumours circulate (opens the original)
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Wheat markets spent much of the past week doing what they have become very good at: reacting to the possibility of change in the Black Sea before anything meaningful has actually changed. Chicago wheat eased 1 per cent for the week, while Kansas, Minneapolis and French wheat all fell 3pc. ASX wheat was also softer, dropping 2pc to A$353/t. Pressure came as traders focused on diplomatic efforts to restore Black Sea grain shipments, with Turkey, India, Egypt and other importing countries involved
Ukraine, Iran wars directly affecting grain margins as diesel costs spike (opens the original)
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People tend to treat geopolitics as just something that occurs in a distant land. The wars in Ukraine and Iran are now affecting grain and energy markets in ways that show up directly in Australian farm margins. Decisions in Washington and Moscow matter because they influence both the price growers receive for grain and what they pay for fuel, freight and fertiliser. Black Sea grain flows are still heavily disrupted, despite recurring talk of peace. Egypt is shifting wheat purchases towards Fran
Market lessons: what your grain contract's tolerance clause really means (opens the original)
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Grain contracts often include a quantity tolerance. A contract for 500 tonnes with a 5 per cent tolerance might allow delivery somewhere between 475 and 525 tonnes. Most growers see that flexibility as protection against producing slightly more or less grain than expected, but it can also shape the marketing decision. First, understand exactly what the contract says. A tolerance does not automatically mean the grower can choose any quantity within the range. The contract may specify whether the
False dawn? Why Black Sea peace hopes are rattling the global wheat market (opens the original)
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Wheat markets have spent the past month being pushed and pulled by the Black Sea, and this week the pendulum swung slightly towards peace. Chicago and Kansas wheat both eased 1 per cent, while ASX wheat fell 3pc. That hardly unwinds the recent rally, with Chicago still 8pc higher over the month, but it shows how quickly a little optimism around Russia and Ukraine can remove some of the risk premium. Peace in Ukraine always seems to be somewhere on the horizon. The problem for grain markets is th
Grain market lessons: how 'averaging up' can manage growers' risk level (opens the original)
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Sharp rallies are exciting, but they also create one of the harder decisions in grain marketing. When prices are moving higher, there is always a temptation to wait for a little more. The problem is that nobody knows in advance where the rally will finish, how long it will last or whether a sharp fall is the end of the move or simply a correction before another leg higher. The concern in the current rally has been that it is based on the actions of Ukraine and Russia, and if peace looks on the c
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