There was little movement in UK feed wheat futures as earlier optimism about Chinese purchases of US soyabeans faded.
Following comments by US President Donald Trump suggesting China may increase purchases of US soya beans and other farm goods, prices lifted at the start of the week. However, the mood swing pushed markets down slightly. The latest AHDB Grain Market Daily shows the May-26 wheat futures at £177.00/t, with the Nov-26 contract also steady at £179.25/t.
China purchased significant quantities from Brazil, most of which have been shipped. Competitive Black Sea grain exports also helped suppress markets.
As traders weighed up the Chinese soya bean situation, it helped subdue the oilseeds complex. Again, gains made earlier in the week were pushed back. Paris rapeseed futures (May-26) stand at €479.50/t, although this is above last week’s close.
Weaker energy markets added further pressure. Nearby Brent crude oil futures dropped 2.1%, which typically weighs on oilseed markets.
