Crude oil rally provides support to markets: Grain market daily

• The UK feed wheat futures Nov-25 contract closed at a new contract low of £159.25/t yesterday, down £3.30/t (2.0%) from Wednesday’s close. This is likely due to the approaching last trading day, which has resulted in a fall in open interest. However, the May-26 contract rose by £0.75/t, closing at £174.25/t
• Chicago wheat futures (Dec-25) increased by 1.8% supported by a firm physical market in the US and a technical rebound from Wednesday’s low levels. However, Paris milling wheat futures remained unchanged at yesterday's close. The Algerian import tender opted for supplies from the Black Sea region and potentially Argentina. France was not considered again due to diplomatic tensions between Paris and Algiers (LSEG)
• The International Grains Council (IGC) has increased its forecast for global wheat production in 2025/26 by 8.8 Mt, while the forecast for maize remains unchanged
• Paris rapeseed futures (Nov-25) were unchanged at €472.00/t yesterday, while futures for Feb-26 increased by €2.75/t to €475.50/t
• Winnipeg canola and Chicago soya bean futures (Nov-25) rose by 0.9% and 1.0%, respectively, at yesterday's close. The oilseed complex was supported yesterday by rising crude oil prices (by more than 5%), due to US sanctions on Russia's two largest oil companies, as well as some optimism about future demand

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