Wheat futures ease as Chinese buying optimism fades: Grain market daily

• UK feed wheat futures eased yesterday. The May-26 contract closed at £177.00/t, down £1.00/t (0.6%) on Tuesday’s close, while the Nov-26 contract ended at £179.25/t, down £1.05/t (0.6%) over the same period.
• Domestic futures followed global markets lower, as earlier optimism about Chinese purchases of US soyabeans and potentially other commodities began to fade. Chicago wheat and Paris milling wheat futures (May-26) dropped by 1.8% and 0.9% respectively. A weaker euro against the US dollar, ending the day at €1 = $1.1536, helped soften the decline in Paris prices.
• Globally, grain supplies remain ample, and strong export competition continues to weigh on prices. Where futures go next will depend on how demand evolves and whether supply expectations shift in the coming weeks. Markets will be watching developments closely.
• Paris rapeseed futures (May-26) ended the day at €479.50/t, down €2.75/t (0.6%) from Tuesday. Sentiment across the oilseed complex remained subdued, as traders weighed up whether recent Chinese buying of US soyabeans would continue. Chicago soyabean futures (May-26) fell by 1.3%, while weaker energy markets added further pressure. Nearby Brent crude oil futures dropped 2.1%, which typically weighs on oilseed markets.
• Brazil’s 2025/26 soyabean crop is now forecast at around 178.8 Mt, slightly below the previous estimate of 180.9 Mt, according to consultancy Safras & Mercado. Despite the downgrade, output would still be around 4% higher than last season and remains above the USDA’s November forecast of 175.0Mt.

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