The Agricultural and Horticultural Development Board (AHDB) is confirming that global wheat prices remain under pressure.
Markets eased up to the end of July, pressured by strong supply prospects, harvest progress, currency movements, and lacklustre export demand.
Nov-25 UK feed wheat futures fell by £2.90/t (–1.6%) to close at £174.55/t, tracking declines on global markets.
Meanwhile, Paris milling wheat and Chicago wheat futures (Dec-25) dropped 2.0% and 3.8% respectively.
The larger fall in Chicago was driven by a stronger US dollar after the Federal Reserve held interest rates steady.
Harvest
Harvest progress is weighing on markets amid expectations of ample global supply.
In the US, 80% of the winter wheat crop had been harvested by 27 July, with spring wheat harvesting underway in some regions. However, forecasted rainfall across the Midwest may cause delays.
In France, 89% of the soft wheat crop had been harvested by 28 July, up from 86% the previous week and well ahead of 63% at the same time last year.
Meanwhile, persistent rainfall in Germany and Poland is disrupting harvest and raising concern over crop quality.
In Argentina, recent rainfall has enhanced soil moisture levels across the country, supporting the 2025/26 wheat crop as planting nears completion.
Export demand
Meanwhile, export demand remains subdued. Weekly US wheat export sales totalled 592.1Kt for the week ending 24 July, down 17% on the previous week, though still broadly in line with recent averages.
EU soft wheat exports also continue to lag behind last year’s pace. However, renewed interest from Jordan, Bangladesh, and Egypt offered a modest lift to market sentiment.
Feed wheat delivered to millers in the UK is currently averaging £176.50/t. Where the November delivery of bread wheat is concerned, prices are averaging £222/t.
Soyabean markets
Global supply demand pressures are also impacting on global soyabean markets
A soya meal glut in China has weakened demand ahead of the key US soyabean export season.
Strong imports earlier in 2025 and lower demand from animal feed producers have pushed up soya meal inventories in China.
This is pressuring Chicago soyabean futures (Nov-25), which fell to their lowest level since April, with a predicted bumper US harvest adding further weight to prices.
Chicago soyabean futures (Nov-25) declined by 3.1% last week, for a second weekly fall.
To offload excess stocks, China has been selling soya oil and meal to India at a $15–$20/t discount compared to South American suppliers.
India, which is typically reliant on Argentina and Brazil, secured 150Kt of soya oil from China for delivery between September and December, attracted by both price and faster shipping times.
Meanwhile, Argentina has announced it may permanently reduce export taxes on soyabeans from 33% to 26%, and on soyabean by-products from 31% to 24.5%, as part of President Javier Milei’s broader push to support the agricultural sector.
