Grain markets react to Russian export duty news: Grain market daily

• UK feed wheat futures (Nov-25) closed at £166.90/t yesterday, up £0.65/t from Friday’s close. The May-26 contract gained £0.70/t to settle at £177.70/t.
• Domestic wheat prices tracked global prices, which were supported by short-covering and news that Russia will increase its wheat export duty to approximately $6/t from 17 September. The increased duty will increase the cost of Russian wheat onto the world market, unless prices dip to compensate. Chicago wheat and Paris milling wheat futures (Dec-25) rose by 0.3% and 0.7% respectively.
• The latest USDA crop progress report rated 67% of the US maize crop as in good or excellent condition as at 14 September. This is down from 68% in the previous week but remained above market expectations of 66%; harvesting is now 7% complete.
• Paris rapeseed futures (Nov-25) finished at €470.25/t, down €2.75/t on the day. European futures reflected broader weakness across the oilseeds complex, amid harvest pressure from the USA and Canada, as well as ongoing concerns over import demand from China. Chicago soyabeans and Winnipeg canola (Nov-25) declined by 0.3% and 1.2% respectively.

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