Heavier US wheat stocks, harvest progress and weak export demand are keeping the pressure on grain prices.
The latest AHDB Grain Marketing Report shows UK feed wheat futures (Nov-25) slipped slightly further this week, standing at £176.45/t. The May-26 contract also fell over the same period to £187.15/t.
At the start of the week, the USDA released its US quarterly grain stocks and acreage reports. Wheat stocks in the US were estimated at 23.16 Mt as at 1 June, up 22% compared to the same time last year and 2% above the average analyst estimate.
Meanwhile, the planted area for the 2025 wheat harvest came in at 18.41 Mha, slightly above analyst expectations.
Global wheat export demand remains subdued due to slowing economic growth among key importers. Ukraine’s Agricultural Ministry has reported 2024/25 wheat exports at 15.7 Mt, below the 16.2 Mt quota and down from 18.5 Mt in 2023/24. Meanwhile, EU Commission data showed EU soft wheat exports for 2024/25 at 20.19 Mt as at 29 June, down from 31.07 Mt a year earlier.
Paris rapeseed futures (Nov-25) also dipped slightly to €488.25/t, mainly down to the strength of the euro against the US dollar. At one point, it traded at close to €1=$1.80, its highest level since September 2021.
