Market Overview
Wheat / Barley / Maize
Global wheat production projected to reach record levels for 2025/2026.
The WASDE report global production at 829MT (+29MT year-on-year).
The EU wheat crop is +20MT year-on-year. In the UK, projections have wheat production at 13.5MT – 14MT depending on yields.
Global wheat production is greater than demand for the first time in four years.
Key watch points going forward will be the increasing conflict between Russia and Ukraine and the strength of the Pound (GBP).
The UK Spring barley area is expected to fall by 15% on the year, while Winter barley is forecast for a 2% reduction. Low prices have led to low farmer selling and planting.
The US are expected to have a record maize crop with estimates at +48MT year-on-year. The top major exporting countries for maize are projected to have a combined increase of +60MT next year.
Future maize prices could be dictated by China and their ongoing negotiations with the US over new trade deals.
Proteins / Fibres
Global Soya production is expected to hit record levels again at 422MT.
Production on Argentina is expected to fall by 2.5MT. However, this will be offset by an increase of 3.5MT in Brazil.
Soya prices firmed considerably in October/November on the back of EUDR uncertainty and trade deal talks between the US and China.
News that EUDR is now expected to be postponed until 2027 has caused prices to ease in the last few days. A firm decision is expected to be made in the next couple weeks.
Rapemeal prices remain competitive against Hi Pro Soya prices. Rapemeal prices have come under pressure this week on the back of news that Australia and Canada expecting to increase output for 2026.
Sugar Beet stocks remain tight for the winter. This has put premiums on Soya Hull prices with stocks also under pressure
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