Definitely interesting to see. I’d be curious how this compares to the total wheat trade between the two countries and other trading partners, how that’s changing over time, and why it’s specifically happening now. Is this due to old agreements being unnecessary due to increased domestic production? Is this due to the global market favouring wheat purchases from other countries? Is there just less demand due to some other reason? There is the throwaway line about China being able to source from others, but no indication of who or why.

Obviously this is just Bloomberg so they’re not going to dig into these sorts of things as they only care about the changes in prices for the sake of investors.