China’s slow US soyabean buying weighs: Grain market daily

• UK feed wheat futures (May‑26) closed at £171.25/t yesterday, up £0.55/t compared from Friday’s contract low. The new crop contract (Nov‑26) eased slightly over the same period, down £0.05/t to £174.65/t, another new contract low.
• May‑26 domestic wheat futures followed European markets higher. Paris milling wheat (May‑26) gained 0.8% on the back of improved export prospects. Support came from a weaker euro against the US dollar, and reports of mixed quality in Argentine wheat. Tensions in the Black Sea, which could disrupt export flows, added support.
• In contrast, Chicago wheat futures (May‑26) slipped by 0.1%. Prices were pressured by declines in soyabean and maize prices, as well as positioning ahead of the USDA’s World Agricultural Supply and Demand Estimates (WASDE) report, due later today. Analysts surveyed by Reuters expect US 2025/26 wheat ending stocks to fall compared to last month’s estimates, but world wheat stocks to rise.
• The oilseeds complex was mixed. Paris rapeseed futures firmed slightly on currency moves, with May‑26 contract up €0.50/t to €471.75/t. However, Chicago soyabean and Winnipeg canola futures (May‑26) both declined by 0.8%.
• Chinese buying of US soyabeans remains slow compared to expectations, keeping pressure on the oilseeds market. Yesterday, the USDA reported a new 132 Kt sale to China, which adds to the total of 2.7 Mt sold since the trade truce in October. However, this is still well below the 12 Mt target for by the end of February 2026, and with large South American crops also coming forward, price support remains limited.

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