Wheat markets gain from potential Chinese demand for US origin: Grain market daily

• UK feed wheat futures extended gains for a fourth consecutive session yesterday, buoyed by strength across global wheat markets. The May-26 contract rose by £1.10/t yesterday to close at £180.50/t, the highest point since August for this contract.
• Global wheat prices continued to edge higher, supported by reports of renewed Chinese interest in US wheat. Chicago wheat futures (Dec-25) rose by 1.2%, reaching their highest level since July. Paris milling wheat futures (Dec-25) also gained, up 0.5%, closing at their strongest since August.
• The euro has dropped to a two-month low against the US dollar, closing yesterday at €1 = $1.1482 (LSEG). This is supporting EU wheat competitiveness despite Black Sea and Argentine pressure.
• Reports this morning suggest the Russian government is considering a 20 Mt grain export quota running between 15 February to 30 June 2026, this is following a draft document published by the Russian Grain Union lobby group. Last season’s quota for the same period was 10.6Mt, covering only wheat and meslin, but in this quota both maize and barley are being considered.
• Oilseed markets eased yesterday as traders took profits and waited for signs of fresh Chinese buying of US soyabeans. Paris rapeseed futures (May-26) fell by €0.50/t to settle at €477.75/t. Chicago soyabean and Winnipeg canola futures (May-26) also declined, down 1.0% and 1.2% respectively, as the market adjusted after recent gains.

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