Sterling strength weighs on UK wheat futures: Grain market daily

• UK feed wheat futures eased yesterday, with May-26 contract closing at £173.20/t, down £0.95/t (0.5%) from Monday. The Nov-26 contract ended at £176.00/t, down £0.25/t (0.1%) over the same period. A stronger sterling against the US dollar (£1 = $1.3166) and euro (£1 = €1.1371) added pressure to domestic prices.
• Global wheat markets moved slightly higher. Chicago wheat futures (May-26) rose by 0.8%, while Paris milling wheat futures (May-26) increase by 0.1%, recovering after a four-day losing streak. Gains were supported by USDA weekly net export sales data showing higher-than-expected US wheat export sales for the week ending 09 October and position adjustments ahead of the US Thanksgiving holiday (27 November). However, large global supplies and strong export competition continue to cap prices.
• IKAR estimates Russia’s 2025 wheat crop at 88.5 Mt (USDA: 81.6 Mt), with total grain output around 139.0 Mt. For 2026, wheat production is projected between 86.0 Mt and 91.0 Mt. In Ukraine, 98.1% of the planned winter crop area had been sown by 25 November, according to the economy ministry.
• Paris rapeseed futures (May-26) closed at €478.00/t, up €2.00/t (0.4%), supported by strength in the wider oilseed complex. Winnipeg canola and Chicago soyabean futures (May-26) gained 0.6% and 0.3% respectively. Uncertainty over Chinese buying of US soyabeans and competitive Brazilian supplies have kept prices steady, though reports this morning suggest China booked at least ten US soyabean cargoes for January shipment (LSEG).
• In Brazil, soyabean planting for 2025/26 was 78% complete as of 22 November, according to Conab. This is behind last year’s pace of 83.3% but ahead of the five-year average of 75.8%.

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