With the publication of the USDA World Agricultural Supply and Demand Estimates (WASDE), grain prices have picked up a fraction. However, it has more to do with currency fluctuations and short coverings.
The latest AHDB Grain Marketing Report shows UK feed wheat futures (Nov-25) gained over last week’s close, standing at £177.20/t. The May-26 contract was also up slightly, currently just below £190.00/t.
The WADSE report projected global wheat ending stocks for 2025/26 down by 1.2 Mt to 261.5 Mt compared to the previous forecast, mainly due to reductions in Canada and the EU. However, the supply situation is still favourable.
Good harvest progress and crop conditions in the US, especially the condition of spring crops, also kept the pressure on markets.
Recent rainfall has helped ease concerns over drought-related yield losses for the country’s maize crops. Crop conditions held steady with 74% rated good to excellent, unchanged from the previous week.
As harvests continue in the Northern Hemisphere, AHDB analysts expect prices to remain under some pressure.
Paris rapeseed futures (Nov-25) also gained slightly over the same period to €479.50/t. Support came through the strength across the wider vegetable oil complex, Dec-25 Chicago soyabean oil and Nov-25 Winnipeg canola futures also gaining.
