Monday Market Briefing - 10th November 2025

Markets held onto the previous weeks gains without looking like they wanted to push higher, US prices had rallied as the Chinese waved off Trump at the airport, but they were already taking advantage of a corresponding dip in Brazilian prices to buy more soybeans there. Trade flows being as disrupted as they are, it looks like the US ends up holding the baby at the end of this season with a fair chunk of the world’s surplus material likely to be carried there. This week we have a USDA update which, barring a major surprise, will confirm a record corn crop this year as that harvest draws to a close. Once we know the scale of this year’s over-supply, we wait to discover if world consumption is able to expand to absorb it but in the current economic climate that looks unlikely.

UK milling wheat continues to trade actively post-Christmas with Jan-March positions filling up steadily. Malting barley execution steps up a notch this month as more ships arrive there are spot opportunities here into Shoreham if you want to move some. There has been a flicker of life in that market which now presents a premium over feed in the south-east corner at least.

Have a good week.