Soyabean rally supports grain markets: Grain market daily

• UK feed wheat futures rose yesterday, with the May-26 contract up £1.70/t (1.0%) from Friday’s close to settle at £177.70/t.
• Domestic markets moved in line with global futures yesterday, supported by spillover strength from gains in Chicago soyabean futures. This followed comments from US President Donald Trump suggesting China may increase purchases of US soyabeans and other farm goods, after talks between the two countries. Chicago wheat and Paris milling wheat futures (May-26) rose by 2.9% and 1.3% respectively. However, expectations of ample global supply, rising stock levels, and strong export competition continue to limit any significant upward movement in prices.
• Oilseeds also found support. Paris rapeseed futures (May-26) closed at €482.25/t yesterday, the highest since late August, up €4.50/t (0.9%) from Friday. The rise followed strength across the wider oilseed complex, underpinned by hopes of increased Chinese buying of US soyabeans.
• Chicago soyabean futures (May-26) rose by 2.0%, reaching their highest level since May 2024. Gains were fuelled by reports that China’s state-owned grain trader COFCO bought at least 14 cargoes of US soyabeans, around 840 Kt, for shipment in December and January (LSEG). Further support came from stronger-than-expected US October soyabean crush figures, reported by the National Oilseed Processors Association (NOPA).

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