Weaker sterling shelters domestic market from pressure: Grain market daily

• UK feed wheat futures (Nov-25) slightly rose to £161.50/t yesterday, up £0.05/t from Wednesday’s close. The May-26 contract also increased by £0.05/t, closing at £178.00/t. Weaker sterling sheltered and marginally supported the domestic market, while Paris milling wheat and Chicago wheat futures (Dec-25) fell by 0.4% and 1.5%, respectively.
• Chicago grain futures came under pressure yesterday as traders reacted cautiously to the agricultural commitments made from US-China trade talks and the market began to focus again on the ample global supplies.
• The European Commission increased its 2025/26 wheat production estimate by 0.8 Mt to 133.4 Mt yesterday. However, the EU's exports and ending stocks remain unchanged at 31 Mt and 10.8 Mt, respectively. Rapeseed production remained at 19.9 Mt, while sunflower production decreased to 8.5 Mt, down 0.2Mt on previous estimates.
• Paris rapeseed futures (May-26) closed at €480.50/t yesterday up €1.50/t on Wednesday’s close. Winnipeg canola (Nov-25) rose by 1.2%. The canola market is waiting for the outcome of the sideline meeting at APEC between Canada and China, who are meeting for the first times since 2017.
• Chicago soyabean futures (Nov-25) closed 1.0% up and hit a 15-month high yestreday. This came as US Treasury Secretary Scott Bessent said yesterday that China has agreed to buy 12 Mt of US soyabeans during the current season. China also committed to buying 25 Mt annually for the next three years as part of a larger trade agreement (LSEG).

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