UK wheat prices ease as export competition builds in Europe: Grain market daily

• UK feed wheat futures (May-26) were pressured yesterday, closing at £176.65/t, down £1.90/t (1.1%) from Monday. The move followed weaker European markets, with Paris milling wheat futures (May-26) easing by 0.9%. A firmer euro against the US dollar (€1 = $1.1580 at close yesterday) limited European export competitiveness, adding to the marginal downward pressure.
• Pressuring the European price was intense export competition from the Black Sea and Argentina. Argentine 11.5% protein wheat was quoted at the lowest levels, around $209–211/t FOB for December shipment, while Russian, Ukrainian and Romanian offers were slightly higher at $225–227/t FOB. French wheat sat just above (+$2/t) the Russian range (LSEG).
• In contrast, Chicago wheat futures (May-26) firmed 0.5% as traders looked ahead to Friday’s USDA World Agricultural Supply and Demand Estimates (WASDE), the first update since September following delays caused by the US government shutdown.
• Paris rapeseed futures (May-26) closed at €477.25/t yesterday, down €1.00/t (0.2%) from Monday’s close.
• Chicago soyabean futures (May-26) were slightly pressured (0.02%), as traders awaited further news around potential Chinese purchases and the WASDE update.

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