War in Middle East drives rising input costs
Our benchmark spot prices (Midlands & Wales)
Feed Wheat
The escalating war in the Middle East continues to have a severe impact on global logistics and input costs. Supply disruption caused Brent crude oil to push over $119/barrel in trading on Thursday, while fertiliser prices have spiked, forcing farmers worldwide to reconsider their spring planting programmes.
Wheat markets are now caught between ample global stocks and localised supply-side weather risks. Over 55% of the US winter wheat crop is now facing drought conditions, with the Southern Plains enduring hot, dry and windy weather.
After finishing last week at £174.45 – the highest level since late November – London feed wheat (May 2026) retreated to £171.50 by Tuesday. Two days of modest gains saw the “old crop” contract inch back to £173.50 at Thursday’s close.
More farmers are locking in prices on their 2026 feed wheat on Hectare Trading, with forward-selling this week in Yorkshire and the Humber, the West Midlands and North East Scotland.
For full spot and futures price analysis, visit our enhanced Insights on Hectare Trading.
Milling Wheat
Milling wheat premiums continue around the £13 mark, with our ex-farm spot price for milling wheat in the Midlands & Wales now standing at £186.
Analysts have cut their export forecasts for EU soft wheat to destinations outside the trading bloc from 27.6 to 27.1 million tonnes, noting reduced demand in the Middle East due to the war. Meanwhile, on Hectare Trading, farmers have been forward-selling 2026 group 3 wheat in East Anglia.
Since dropping to €190.25 (£166.15) on 17 February, Paris milling wheat (May 2026) has staged a slow but steady recovery, breaking above €200 at the end of February and above €210 at the end of last week. More restrained trading this week saw the contract close Thursday at €207.00 (£178.51).
Feed Barley
Australia experienced a surge in barley exports in January, shipping 1.42 million tonnes of barley – a 16% rise over December. Feed barley made up 902 thousand tonnes of this total, two thirds of which was destined for China.
On Hectare Trading, we’ve seen selling of feed barley in North East Scotland for April movement at £157/tonne, with a price offer range of £11.
Oilseeds
Chicago soybean futures dropped heavily on Monday after President Trump threatened to postpone his meeting with China’s Xi Jinping over Beijing’s perceived lack of assistance in the Strait of Hormuz, before recovering slightly when the meeting was rescheduled.
Global rapeseed production is forecast to reach a historic high in the 2026/27 season, breaking 86 million tonnes on the back of record acreage (41.9 million hectares) across Canada, the EU and Australia.
With such a tangle of macroeconomic and geopolitical factors influencing the global oilseed complex, Paris rapeseed has seen some pronounced swings. The May 2026 contract dropped below €500 on Monday, recovered to €503.75 (£435.39) on Tuesday, but had eased back to €500.75 (£432.83) by Thursday’s close.
Wanted Crop
🌾 Milling Wheat (Group 1, 2 or 4 Hard) (10.2/74/130) is wanted from across East Anglia, the East Midlands, Essex, Hertfordshire, Oxfordshire and Buckinghamshire. March movement with a guide price of £165–170/t.
🌾 Feed Barley required for collection from across Devon, Cornwall and Somerset to go into a Devon-based home for March movement with a guide price of £160–£168/t.
🌾 Rye is wanted for collection from across Yorkshire and the Humber, Northumberland and the Scottish Borders for March or April movement with a guide price of £155–£165/t.
🌾 Feed Wheat required for collection from across the East and West Midlands, the North West, Yorkshire and the Humber for late March or early April movement with a guide price of £170–£174/t.
🌾 Feed Barley is wanted from across Central Scotland for movement between March and June with a guide price of £150–157/t.
🫘 Feed Beans required in East Anglia, the East Midlands, Yorkshire and the Humber. April movement with a guide price of £210–£213/t.
This article is for general information only and does not constitute advice. 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.