Lower Chinese buying pushes grain prices down: Grain market daily

• UK feed wheat futures eased yesterday, after gaining for five days in a row. The May-26 contract settled at £179.60/t, down £1.70/t (0.9%) from Wednesday.​
• Global wheat prices also fell, with Chicago wheat and Paris milling wheat futures (Dec-25) down 3.5% and 1.2%, respectively.​ The decline was driven by weaker-than-expected Chinese purchases of US wheat, despite the resumption of trade between the two countries. Reports show that China purchased only 120 Kt of US wheat for December delivery, in its first purchase since October last year (LSEG).
• Meanwhile, the wheat harvest in Argentina is about 12% complete, with the Buenos Aires Grain Exchange maintaining a forecast of a 22.0 Mt crop for 2025/26, up from 18.6 Mt last year. This larger Argentinian crop adds to the global supply outlook.
• Paris rapeseed futures (May-26) fell by €4.25/t (0.9%), closing at €474.25/t yesterday. The oilseed complex came under pressure from weaker soyabean futures, as the market awaits signs of Chinese buying of US soyabeans. Chicago soyabean futures (May-26) dropped 2.0% on the day.

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