Both grain and oilseed prices have come under pressure over recent days, the Agricultural and Horticultural Development Board (AHDB) has said.

UK feed wheat futures were down following pressure in the global market.

The November 2026 contract closed on Friday (October 23) at £193.75/t: losing £11.25/t week-on-week.

Global grain markets fell across the week. Markets were pressured by improving global supply prospects and US harvest progress, outweighing support from continued Black Sea disruption and firm crude oil prices.

However, hopes of Russia/Ukraine peace talks developing also weighed on prices.

Nearby Chicago wheat futures were down 6.5%, while Chicago maize fell 3.9%, and Paris milling wheat futures dropped 4.0%. 

The market continues to unwind the US weather risk premium as dry conditions across key producing states - including Nebraska, Kansas and Oklahoma - have supported field work over the past week, allowing winter wheat planting. 

Further to that, broadly favourable weather across the US midwest has aided the progression of the maize harvest, guaranteeing supplies of some of the 2026 crop. 

The market is pressured in anticipation of this large crop coming to market.

Looking ahead, forecasts point to dry conditions across the US over the next three days and only light rainfall over the coming week, so harvest and planting look set to progress well into next week. This could continue to add downward pressure on prices.

Meanwhile, the Rosario Stock Exchange has raised its estimate for Argentina's 2026/2027 wheat harvest to 23.8Mt, up from 21.0Mt last month, on higher-than-expected yields.

That would be Argentina's second-largest crop on record, with harvest starting in November, adding to global wheat availability.

Black Sea

All eyes are on developments in the Black Sea.

It has been reported that Russia has developed high-volume export routes outside the Azov-Black Sea basin, mainly via the Baltic Sea, which is expected to handle around 65% of the country's wheat shipments in October

As a result, Sovecon has raised its forecast for Russia's October wheat exports to 2.8Mt, up from 2.5Mt a week earlier.

Ukraine is also seeking to move more grain overland, asking Poland, Romania, Slovakia and Hungary to increase transit capacity. 

Despite this movement of grain, the conflict is still ongoing, and grain markets continue to monitor developments in the Black Sea region.

There was some weekly market pressure coming from renewed diplomatic efforts aimed at de-escalation in Ukraine.