Domestic wheat market pressured with European wheat: Grain market daily

• UK feed wheat futures (Nov-25) fell to £164.05/t yesterday, down £0.55/t (0.3%) from Monday’s close. The May-26 contract also decreased by £0.55/t, closing at £178.05/t. The domestic market fell with Paris milling wheat futures. Despite sterling weakening against both the euro (lowest since May-23) and US dollar, the domestic market was still marginally pressured. Forex trading ended yesterday at £1 = €1.1381 and $1.3270, respectively (LSEG)
• Chicago wheat futures (Dec-25) rose by 0.6%, while Paris milling wheat futures (Dec-25) fell by 0.7%. Chicago futures were partly supported by a weaker US dollar index. Meanwhile on the Paris market a strong euro combined with large supplies expected from both Argentina and Australia put pressure on the market
• The oilseed complex continued to be supported by the positive sentiment surrounding the US-China trade deal, as Trump and Xi are schedule to meet this week. It’s being reported that China is purchasing US origin new crop soya beans, with 180 Kt booked for December and January shipment (LSEG)
• This is filtering into rapeseed with Paris rapeseed futures (May-26) closing at €477.25/t yesterday, up €1.25/t on Monday’s close
• Winnipeg canola and Chicago soya bean futures (Nov-25) rose by 0.9% and 1.0%, respectively

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