EU–Mercosur agreement approved: Grain market daily

• UK feed wheat futures (Nov-25) closed at £166.95/t yesterday, down £0.90 (0.5%). The market found pressure from a rise in the sterling to US dollar exchange rate, with £1 now worth $1.3444 (LSEG).
• Pressure also came from the European market where Germany now estimates its 2025 winter wheat crop significantly higher (+26%) compared to last year. Paris milling wheat futures (Dec-25) closed at €190.25/t, up just €0.25/t from Tuesday’s contract low.
• Eyes are now turning to the US harvest to see if yields confirm what is expected to be a record maize crop. Chicago maize futures (Dec-25) closed at $164.57/t down $1.97/t (1.2%).
• Paris rapeseed futures (Nov-25) finished at €464.50, down €4.50/t on the day. Germany has estimated production of winter rapeseed at 4.0 Mt, up 9% from 2024.
• The European Commission yesterday approved the EU–Mercosur agreement, which now awaits validation by all 27 Member States before final implementation.

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