Wheat futures lack direction while UK demand remains weak
Our benchmark spot prices (Midlands & Wales)
Feed Wheat
For the first time since last August, the US WASDE report reduced its forecast for global wheat production, by 0.37 Mt to 841.8 Mt. Looking at wheat exports, the most notable adjustment was a 2 Mt increase in Argentine exports to 18 Mt.
The “old crop” May 2026 contract for London feed wheat fell to £166.60 on Monday, before recovering to £167.15 on Wednesday. With a lack of clear momentum, the contract finished Thursday at £167.50.
On Hectare Trading, farmers in the South have been locking in prices by selling their 2026 feed wheat forward.
For full spot and futures price analysis, visit our enhanced Insights on Hectare Trading.
Milling Wheat
Weak demand from UK millers for home-grown milling wheat (down 3.6% year-on-year in July to December according to AHDB) has made many UK growers delay sales. Consequently, late movement of old crop has increased the risk of infestations in store.
After dropping €3.50 last Friday, Paris milling wheat (March 2026) gave up more ground to close Tuesday at €189.50 (£165.06). A slight recovery saw the contract finish Thursday at €192.25 (£167.35).
We’ve seen forward-selling of 2026 group 1 wheat in Essex & Hertfordshire this week, and group 4 hard wheat in the East Midlands.
Oilseeds
Around 462 Mt of Australian canola was exported to the European Union in December, and the European market seems well supplied. The rally in the US soybean market, affecting the wider oilseed complex, has been driven by political headlines and feels particularly brittle.
Paris rapeseed (May 2026) climbed to €489.25 (£426.14) on Monday. After easing back for days, the contract closed at €488.00 (£425.05) on Thursday.
Other Crop
The EU has forecast decade-high barley exports of 11 Mt, benefiting from reduced competition from the Black Sea, as Ukraine’s barley exports have crashed by 36% year-on-year to just 1.38 Mt, due to logistical constraints.
Meanwhile, the WASDE report offered no change to previous projections for the US supply and use of barley and oats.
Wanted Crop
🌾 Feed wheat is wanted for collection across Yorkshire and the Humber. May, June or July movement with a guide price of £172 to £175.
🌾 Feed barley required for collection for homes across the West Midlands and Wales. Wanted to go into a feed mill directly with a guide price of £155 to £164 with preferable payment terms.
This article is for general information only and is not an instruction to trade. While we make every effort to ensure the accuracy of the content at the time of publication, Hectare Trading makes no guarantee regarding the data provided.