Global wheat and barley production holds back UK prices
Feed Wheat
While record-breaking US corn production was the big story of this week’s WASDE report, the projection for 2025/26 global wheat supplies was also raised by 4.3 million tonnes to 1,102.2 million. This has been driven by a 50% leap in Argentinian wheat production and an increased forecast for Russia.
Abundant supply has served to undermine any positive market sentiment caused by tensions in Iran and other geopolitical turmoil. Accordingly, London feed wheat (May 2026) fell to a new contract of £167.70 on Wednesday, before recovering slightly to close Thursday at £167.95.
Our benchmark price for Midlands feed wheat on Hectare Trading is currently £168, a drop of £1 on last week. For more spot and futures price analysis, visit our enhanced Insights on Hectare Trading.
Milling Wheat
UK and European milling premiums are still restrained by high global stocks and low import prices.
Paris milling wheat (March 2026) gave up most of last week’s gains by Wednesday, closing at €188.75 (£163.61). A minor recovery on Thursday saw the French wheat contract finish at €189.25 (£164.04).
Our benchmark milling wheat price in the Midlands remains at £177 this week, a premium over the feed price of £9.
Oilseeds
Rising crude oil prices generally add support to oilseeds, and uncertainty over US military action against Iran has added volatility to the oil market this week.
With such an unsure backdrop, Paris rapeseed (February 2026) has been choppy this week, hitting €473.50 (£410.43) on Tuesday before falling back on Wednesday as President Trump downplayed Iran tensions, then rising slightly again to €471 (£408.27) at Thursday’s close.
Other Crop
UK malting barley is currently struggling to compete with Europe on price, while feed barley faces a sharp increase in global supply, including an 18.3% year-on-year rise in Russian barley production to 19.7 million tonnes.
Argentine exporters are also benefiting from a reduction in export taxes on barley from 9.5% to 7.5%.
Our benchmark spot price for feed barley in the Midlands has shrunk £6 this week to £155.
Wanted Crop
🌾 29t to 174t of feed barley is wanted for collection from across Yorkshire and the East Midlands. January movement with a guide price of £150 to £160.
🌾 29t to 290t group 4 hard winter wheat required for collection across the East of England. February movement with prices upon application. Spec 10.2/74/130.
🫘 29t to 116t of beans is wanted for collection for homes across the East of England. February movement with prices upon application.
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.