Monday Market Briefing - 26th January 2026

Last week finished slightly lower after a deluge of news that, in different times, might have sent us off in either direction. US attempts to bully Europe into submission over Greenland met with a strong response and the threat of increased tariffs disappeared almost as soon as it was raised. Trumps grotesque remarks about our troops were later massaged but not apologised for- what value is there in an apology from a man with no moral compass ? The noise around these events over-shadowed a big tendering week for global wheat markets. Saudi confirmed the purchase of 900,000mt wheat of optional origin for near month shipment and other buyers were active. The market knows there is plenty of supply for these purchases and attention will mostly focus on which origins can stay competitive enough to supply the cargoes.

At home there continues a steady flow of farm selling most of it for the March-May period now with milling wheat again centre stage. Latest figures show that German milling wheat imports to the UK are down by more than half this season – standing at only 44% of the total at the same point last year. This shows the industry responding to the domestic supply position but of course, whether German wheat comes here or not, the mere fact of its availability is a key driver of price for the grade everywhere. Farmers blockading Ports last week had good reason to be angry at their current circumstances but it will be important to frame their arguments skilfully if they want to achieve anything.

Feed barley prices remain strong in the south-west, closer to feed wheat than normal , and this is steadily mopping up spring malting barley now across quite a wide area , with the malt market only really working in the southeast corner where haulage savings allow it to compete.

Have a good week.