To illustrate how grain markets flatlined in July, grain prices closed the month broadly where they started.
The latest AHDB Grain Marketing Report shows UK feed wheat futures (Nov-25) at £176.95/t, the May-26 contract £188.50/t.
Lacklustre global demand of late continues to underpin global grain prices, compounded with improving crop conditions, notably in the US, where the USDA reported maize conditions as strong, adding further optimism over 2025/26 US maize yields.
Across much of the EU, harvest is progressing well. FranceAgriMer reported that the pace of the wheat and barley harvest was well ahead of last year and the five-year average, which maintained the pressure on Paris grain futures.
However, AHDB analysts believe there is room for some optimism. Although an ample grain supply is forecast for the EU in the 2025/26 season, the wheat and maize stock-to-use ratio is lower. This could make Paris grain futures more sensitive to bullish news in the future.
Currently, the EU’s slow wheat exports and the ongoing Northern Hemisphere harvest campaign are keeping Paris wheat futures pressured, as is price competition with the Black Sea region. However, a tighter wheat balance in the 2025/26 season could support 2026 crop prices.
Oilseed markets also static
There has been little change in rapeseed prices either. Paris rapeseed futures (Nov-25) stand a little lower than the start of July at €482.75/t. Again, improving crop conditions have kept markets pressured, the latest USDA report rated 68% of the US soya bean crop in good or excellent condition.
