Despite the February USDA World Agricultural Supply and Demand Estimates (WADSE) reducing its forecasts for global wheat and maize stocks by 0.7 Mt and 1.9 Mt, respectively, markets failed to respond.
Stocks are still forecast higher than last season, and the latest AHDB Arable Market Report shows May-26 UK feed wheat futures at £167.00/t, a small fall from last week.
Following favourable crop reports at the start of February, IKAR added 3.0 Mt to its forecast of the Russian wheat crop, now at 91.0 Mt versus 88.5 Mt in 2025. FranceAgriMer also reported French soft winter wheat crops to be in the best condition since 2023, and spring barley planting ahead of average at 30% complete.
Paris rapeseed futures slid slightly after gains earlier in the month, the May-26 contract at €485.25/t, the Nov-26 contract down to €465.50/t.
Despite an increase in Chicago soyabean futures last week, old crop Paris rapeseed futures fell due to a technical correction and pressure from rapeseed oil prices. New crop Paris rapeseed futures came under pressure due to higher estimates of the area dedicated to the winter crop in France than previous figures suggested.
The WASDE report increased global soya bean ending stocks 2025/26 by 1.1 Mt to 125.5 Mt, mainly on higher production for Brazil. Another notable revision for the oilseeds complex is higher 2025/26 palm oil production for Malaysia, up 0.5 Mt to 20.2 Mt.
