UK awaits interest rate announcement: Grain market daily

• UK feed wheat futures (Nov-25) closed at £167.35/t yesterday, down £0.15/t (0.1%) on the day. Chicago wheat futures (Dec-25) lost 1.1%, while Paris wheat futures gained 0.5% on the day
• FranceAgriMer raised 2025/26 soft wheat output to 33.3 Mt, with higher domestic use and exports (7.9 Mt). Carry-over stocks are seen slightly lower at 3.6 Mt but remain historically high
• The decline in US interest rates did not come as a shock to financial markets as the decision was expected. Therefore, there was no great impact on grain futures
• The Bank of England is due to release an update on UK interest rates today. It is expected to remain at the current 4.0%, as inflation remains sticky. While this won’t impact global markets, should we see a shift in the value of the pound, we could see some impact on our price relationship to the continent, for example
• Paris rapeseed futures (Nov-25) fell €2.50/t (0.5%) to €470.75/t yesterday
• Winnipeg canola futures (Nov-25) moved down 2.0%% after StatsCan confirmed an expected harvest of 20 Mt this year, compared to 19.2 Mt last year

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