Technical buying adds some support to wheat markets: Grain market daily

• UK feed wheat futures (May-26) closed at £178.00/t yesterday, up £0.30/t (0.2%) on the previous day. Chicago wheat futures (May-26) and Paris milling wheat (May-26) futures both closed up on the day too. Short covering of funds and technical buying has pulled markets up slightly.
• The USDA’s first crop progress report since the lifting of the government shutdown, was released on Monday. As at 16 November, 92% of the US wheat area was estimated to be planted, two percentage points behind the progress made by this point in 2024. 45% of the crop is in good to excellent condition, compared to 49% at this point last year.
• Ukraine is not expected to restrict wheat exports this year. The decision is supported by a stronger harvest, with 2025/26 production estimated at 23Mt, up from 22.6Mt in 2024/25 (LSEG).
• Yesterday, Paris rapeseed futures (May-26) were unchanged from the previous close at €482.25/t. While Chicago soyabeans (May-26) fell from recent highs yesterday, down 0.2% on the day. Rapeseed markets were somewhat protected from the drop in soyabean markets, as oil markets rose yesterday.
• Total sales of soyabeans from the US to China amount to just over 1.0Mt, since talks were held in South Korea at the end of October. However, there is along way to go to achieve the 12 Mt the US government reported China has agreed to buy before the end of the year.

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