UK wheat prices remain under pressure: Grain market daily

• UK feed wheat futures (May‑26) closed unchanged at £170.10/t yesterday. The new crop contract (Nov‑26) eased slightly, by £0.15/t to £173.75/t. Paris milling wheat futures (May‑26) decreased by 0.8%
• Currency shifts continued to add pressure to domestic grain markets. Both sterling and the euro strengthened against the US dollar, closing at their highest levels since October (£1 = $1.3386 and €1 = $1.1738; LSEG)
• Chicago wheat futures (May‑26) gained 0.6%, supported by a weaker dollar and strong US export sales
• Meanwhile, latest estimates from Rosario Grains Exchange suggests a record 27.7 Mt for Argentina’s 2025/26 wheat harvest, up from 24.5 Mt previously, due to favourable weather conditions.
• Paris rapeseed futures (May‑26) rose €0.75/t to close at €470.50/t yesterday, with continued support after Germany approved the transposition of the EU Renewable Energy Directive (RED III). Chicago soyabean futures (May‑26) also saw modest gains (0.2%), supported by a USDA report that China purchased 264 Kt of US soyabeans
• Meanwhile, Brazil’s Conab trimmed its 2025/26 soyabean forecast by around 550 Kt to 177.12 Mt, which, if realised, would still be a record crop. About 90% of the crop had been sown by early December, in line with normal progress

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