Following gains at the start of the month, grain prices have slipped back, the latest AHDB Arable Market Report shows May-26 UK feed wheat futures at £167.30/t.
The domestic market shadowed the pressure on both Paris milling and Chicago wheat futures (May-26), which were both down 1.3% across the week. A drop in crude oil prices and assessments over the recent cold weather snaps in both the USA and Black Sea have subdued markets.
In the US Plains and parts of the Midwest, periods of cold weather and variable snow cover have maintained concerns over potential winterkill.
However, it was reported last week by Ukrainian state weather that the January weather conditions did not have a significant adverse impact on winter crops, despite the severe frost experienced.
Further to that, Russia’s deputy Prime Minister stated that Russian grain crops were in good condition, with 97% of grain crops in a normal condition versus 87% for the same period in 2025.
More positive outlook for oilseeds
Paris rapeseed futures have gained further, with the May-26 contract at €487.75/t, the Nov-26 contract rising to €470.50/t.
Markets have been supported by significant gains in soya bean futures. These rallied after US President Donald Trump implied that China would purchase an additional 8 Mt of US soya beans in the current season. This is on top of the approximately 12 Mt that was agreed with the trade agreement of late October.
