UK and European wheat futures start 2026 on the back foot
Feed Wheat
Record-breaking harvests in the Southern Hemisphere continue to hold back wheat prices. While Russian attacks on Ukrainian port infrastructure have hit Black Sea wheat exports, and uncertainty surrounds US foreign policy in South America, these factors are yet to have any major impact on prices.
London feed wheat (May 2026) has started the year on the back foot, dropping to £169.00 on Monday. Progress has been slow this week with no significant drivers to the upside, the contract closing Thursday at £169.50.
Our benchmark price for Midlands feed wheat on Hectare Trading now stands at £169. For more spot and futures price analysis, visit our enhanced Insights on Hectare Trading.
Milling Wheat
French farmers staged major protests in Paris this week against the potential EU trade deal with the Mercosur trading bloc, fearing the market will be flooded with cheap South American imports.
Paris milling wheat (March 2026) rose from €188.25 (£163.41) at Monday’s close to €191.50 (£166.23) on Wednesday, before closing Thursday unchanged.
Our benchmark milling wheat price in the Midlands sits at £177 this week, a premium of £9 over the feed price.
Oilseeds
Next Monday’s WASDE report, providing the final production estimates for harvest 2025, is likely to confirm a record global rapeseed harvest, after high yields reported in the UK, Europe, Canada and Australia.
Paris rapeseed (February 2026) has been under extreme pressure in recent weeks, falling to €450.00 (£390.62) on Christmas Eve. This week has seen somewhat of a recovery, the contract ending Thursday at €469.75 (£407.76).
Our benchmark spot price for OSR on Hectare Trading is currently £399 in the Midlands.
Other Crop
The European Commission forecasts that EU barley production will remain stable, while oat production is projected to rise to 7.5% higher than the 2023 to 2025 average by 2035, driven by demand from the food industry.
Our benchmark spot price for feed barley in the Midlands now stands at £161.
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.