US soybean futures support the broader market: Grain market daily

• UK feed wheat futures (May-26) closed at £180.65/t yesterday, up £0.80/t (0.4%) from Tuesday.
• The Bank of England is to vote on interest rates today (12:00), currently at 4%. Many economists expect rates to remain at this level; however, not all do. The decision is likely to impact sterling.
• Sterling weakened against US dollar over the start of the week before making a slight recovery yesterday to £1 = $1.3049. Sterling has fluctuated against the euro but is still lower than at the end of last week at £1 = €1.1349 (LSEG). This has supported domestic prices in recent days.
• Chicago maize futures have been supported by the firmness of US soyabean prices, which in turn has acted to support European prices. Chicago maize futures (May-26) gained 1.1% and Paris milling wheat futures (May-26) gained 0.25% on the day.
• SGS has reported that 43.3% of the 2025 wheat crop has at least 11.5% protein in Ukraine compared to 35.4% in 2024. The 2025 crop is estimated at 25.6 Mt in 2025 compared to 25.4 Mt in 2024 (IGC).
• Paris rapeseed futures (May-26) gained yesterday, up €0.75/t (0.2%) to finish at €478.50/t. The oilseed complex has been supported by firmness in soyabean futures.
• Chinese authorities announced yesterday that they have extended the suspension of part of the customs duties on US exports. Chicago soyabean futures (May-26) gained 1.2% on the day as a result.

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