Global record harvests weigh on grain prices

Feed Wheat

While the latest US WASDE report raised its global wheat production forecast by nearly 9 Mt to 837.8 Mt, regional supply in the UK is reportedly tight, which may force local buyers to pay a premium over the global price.

The May 2026 London feed wheat contract hit a new contract low of £170.35 on Tuesday, and fell further away to close Thursday at £170.10.

Our benchmark price on Hectare Trading for Midlands feed wheat currently stands at £168, £1 higher than last week. For more spot and futures price analysis, visit our enhanced Insights on Hectare Trading.

Milling Wheat

UK milling wheat values are being capped by an influx of high-quality grain from major global competitors. Most recently, Canada confirmed record wheat production of nearly 40 Mt, of which a high proportion is typically high-protein spring wheat.

After a brief bounce to €191.25 (£167.67) last Wednesday, Paris milling wheat (December 2025) has eased back this week, closing Thursday at €188.50 (£165.28), down from €189.25 at last Friday’s close.

Our benchmark milling wheat price in the Midlands is £174, with milling premiums currently at their lowest levels for the past year.

Oilseeds

Increases in Canada, Australia and Russia led WASDE to raise its global rapeseed production forecast by 3 Mt. Meanwhile, UK rapeseed values are struggling to decouple from the broader oilseed market, which is currently depressed by sluggish demand for soybeans.

Since hitting a three-month high of €485.25 (£425.47) on 18 November, Paris rapeseed (February 2026) has been largely on the slide under global supply pressure, closing Thursday at €478.75 (£419.77).

Our benchmark spot price for OSR on Hectare Trading is £412 in the Midlands.

Other Crop

While UK feed barley stocks are dwindling, forcing a reliance on downgraded malting samples, global markets are overwhelmingly bearish. As well as logging record barley yields, Canada has reported a 17% rise in oat production to 3.92 Mt, adding to the abundance of supply this winter.

Our benchmark spot price for feed barley in the Midlands is currently £157 in the Midlands.