Wheat Prices Disappoint Despite Drought Conditions
Feed wheat prices have disappointed investors yet again, falling by 1.3% in the latest round of trading. According to the Agricultural and Horticultural Development Board (AHDB), UK November 2026 feed wheat futures dropped by £2.75/t to £209.75 for the period ending September 11.
Markets were expected to respond positively to drought conditions across Europe, but prices have continued to decline despite these challenges. Global grain markets finished last week lower after the USDA released its latest report on Friday.
The USDA cut its forecast of the US 2026 maize crop by 5.4Mt due to hot weather impacting yields, but this was not enough to boost prices. In fact, an unexpected increase in global wheat stocks at the end of 2026/2027 from August led to prices declining further.
The impact of conflicts in the Middle East and the Black Sea on oilseed futures prices also came under pressure after a surprise increase to the US soyabean crop estimate. China's continued buying of US soyabeans was another factor, but this was ultimately outweighed by profit-taking from speculative traders.