Monday Market Briefing - 23rd February 2026

Wheat could be in for a volatile week as markets try to interpret the implications of Fridays US Supreme Court ruling on tariffs. The Courts decision relates to the particular law used to implement tariffs last April, and does not prevent the Govt using other means to apply them, as Trump was quick to assert. This might be why corn and beans reacted calmly on Friday with minimal gains, only wheat was firmer -regaining all its losses from earlier in the week - presumably more to do with drought worries in some US states than the political situation. Infact, the wheat/corn spread looks a little too wide now, with the Global supply side offering no real justification for that. We should see these crops move back in line soon, either corn is too cheap or wheat is too expensive.

Home markets have all seen some buying interest from consumers, even malting barley enjoying a burst of enquiries for old and new crop. On old crop this is providing a welcome opportunity to tidy up barns and make last sales. Unsurprisingly the new crop interest met greater resistance forcing bids higher with most growers uninterested in selling forward an unplanted crop. Nevertheless, farmers facing an imminent decision whether to plant spring barley when it stops raining, should at least familiarise themselves with forward prices as they now stand before deciding – it looks a stronger proposition now than it did a month ago.

Have a good week.