Weak dollar boosts US exports while UK wheat prices languish
Our benchmark spot prices (Midlands & Wales)
Feed Wheat
A sharp devaluation of the US dollar against sterling and the euro has improved the competitiveness of US agricultural exports, boosting Chicago futures. Meanwhile Canada, after reporting a record wheat harvest, expects to export 28.6 million tonnes, further crowding the global market.
A weak start to the week saw London feed wheat (May 2026) fall to a new contract low of £166.25 on Tuesday. After a slight recovery, the benchmark “old crop” contract closed Thursday at £166.85.
This week on Hectare Trading, farmers have been forward-selling their 2026 feed wheat in the East Midlands.
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Milling Wheat
European wheat is struggling to compete in key markets like Morocco against a record Argentine harvest (forecast at 27.5 million tonnes) and cheap Russian supplies.
Paris has followed a similar pattern to London this week, with March 2026 milling wheat dropping to €187.25 (£162.48) on Tuesday, recovering to €190.00 (£164.87) on Wednesday and €191.25 (£165.95) at Thursday’s close.
Farmers in North East Scotland have been looking to lock in prices this week by forward-selling group 4 soft wheat across a range of movement months.
Oilseeds
After a brief drop last week, Brent crude oil futures continued their upward momentum this week as the US ramps up rhetoric against Iran and US military forces build up in the Gulf.
Paris rapeseed futures have generally tracked crude oil higher. Since ending 2025 at €453.25 (£393.29), the February 2026 contract has made steady progress, closing this Monday at €482.25 (£418.46). Further gains saw the contract settle Thursday at €488.50 (£423.88).
Other Crop
Canadian barley yields are reported to have increased by 25% in 2025, much of which has been sold into China and Saudi Arabia. Meanwhile, Turkey this announced the release of nearly 4 million tonnes of grain reserves, including barley, to curb domestic inflation.
We’ve seen some demand this week for feed and malting barley as farmers offload their old crop, and for feed and milling oats in the South East and Yorkshire.
Wanted Crop
🌾 29t to 116t of feed barley is wanted for collection across Yorkshire and the East Midlands. Movement in week commencing 2 February with a guide price of £150 to £160.
🫘 29t to 116t of beans required for collection for homes across the East Midlands. February or March movement with prices on application.
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