UK grain markets displayed divergent trends through the week ending 22 November 2025, with barley values strengthening on robust malting demand whilst oilseed rape prices retreated under pressure from competitive Canadian canola supplies. Feed wheat maintained recent gains, and pulse markets showed renewed export interest, creating a complex pricing landscape for farmers finalising marketing decisions ahead of the December trading lull.
Barley Markets: Malting Quality Commands Premium
Feed barley prices firmed £3-5 per tonne across most UK regions during the week, with ex-farm values ranging from £178 per tonne in eastern Scotland to £185 per tonne in southern England. Delivered port prices strengthened correspondingly, with Liverpool feed barley quotes reaching £192 per tonne and Hull trading at £188 per tonne by Friday’s close.
The standout development remains the substantial premium for malting quality barley, which has widened to £30-40 per tonne over feed specifications. Malting barley meeting spring variety requirements and nitrogen specifications below 1.65% is trading at £218-225 per tonne ex-farm in prime production areas. This represents the strongest malting premium relative to feed values observed since early 2023, reflecting tight supplies of quality material following variable growing conditions during the 2024 season.
Merchant activity for forward spring barley contracts has intensified, with several major buyers opening 2025 harvest positions at £195-205 per tonne ex-farm for malting specifications. These early contracts include typical quality specifications requiring varieties from approved lists, minimum germination standards of 98%, and screenings below 3%. Farmers with reliable spring barley production history should evaluate these opportunities carefully, as current forward pricing provides attractive margins relative to production costs.
Scotland continues to command premium pricing for quality barley, with Moray and Aberdeenshire lots trading £6-8 per tonne above equivalent English grades. This regional differential reflects both the consistent quality reputation of Scottish spring barley and the proximity to major malt houses and whisky distilleries that provide strong local demand.
Wheat: Sustained Strength Across Specifications
Feed wheat markets consolidated recent gains, with Group 4 feed wheat trading at £195-198 per tonne ex-farm across central and eastern regions. Regional variations remain modest, with Yorkshire values at £196 per tonne, East Anglia at £198 per tonne, and Thames Valley at £195 per tonne. These tight regional spreads reflect efficient internal logistics and competitive merchant buying across production zones.
Milling wheat premiums held firm, with Group 1 breadmaking wheat commanding £220-223 per tonne ex-farm. The quality differential between Group 1 and Group 4 specifications remains historically wide at approximately £25 per tonne, driven by limited availability of premium protein wheat following challenging harvest conditions. Group 2 biscuit-making wheat trades at £208-212 per tonne, sitting midway between feed and breadmaking values.
Port basis levels strengthened marginally, with delivered premiums to LIFFE May 2026 futures ranging from £16-23 per tonne depending on specification and location. Southampton wheat for prompt shipment traded at the upper end of this range, whilst Hull and Liverpool basis levels remained stable around £18 per tonne over futures.
Oilseed Rape: Canadian Pressure Weighs on Values
Oilseed rape prices retreated £8 per tonne during the week, closing at £385 per tonne ex-farm on Friday, down from £393 per tonne the previous week. This decline reflects mounting pressure from competitive Canadian canola supplies, which have increased sharply as Prairie harvest completion exceeds 95% and farmer marketing accelerates.
Canadian canola production estimates have been revised upward to 18.2 million tonnes, well above earlier projections and representing the second-largest crop on record. This abundant supply has driven FOB Vancouver canola values down CAD $15 per tonne over the past fortnight, translating into increased competitiveness for Canadian material in European crushing markets.
European rapeseed crushing margins have deteriorated as meal values weakened relative to seed costs, reducing crusher appetite for additional purchases. This softer demand environment has filtered through to UK farm gate prices, particularly affecting prompt delivery slots. Forward rapeseed contracts for 2025 harvest delivery currently trade at £395-405 per tonne ex-farm, offering limited premium over current spot values and suggesting merchant caution about medium-term price prospects.
Regional UK pricing shows modest variation, with Scottish values at £382 per tonne, northern England at £385 per tonne, and southern regions at £387 per tonne. These tight differentials reflect standardised crushing plant intake areas rather than any fundamental quality differences between regional supplies.
Delivered port prices for oilseed rape reflect the spot market weakness, with Liverpool quotes at £405 per tonne and Hull at £408 per tonne. These delivered values represent approximately £20-23 per tonne over ex-farm prices, consistent with normal haulage and handling costs for bulk oilseed movement.
Pulses: Export Demand Supports Values
UK pulse markets demonstrated firm undertones, with feed beans trading at £238-245 per tonne ex-farm and human consumption quality beans commanding £265-275 per tonne. Milling pea prices held steady at £285-295 per tonne for premium quality material meeting colour and size specifications.
The notable development in pulse markets involves renewed export interest in UK faba beans from Egyptian buyers. Approximately 15,000 tonnes of British beans shipped during November for animal feed applications, with pricing reportedly around £255 per tonne FOB UK ports. This export activity provides welcome additional demand beyond domestic livestock feed and aquaculture uses.
Feed peas trade at £220-228 per tonne ex-farm, maintaining a discount to beans that reflects their lower protein content and reduced palatability for certain livestock applications. However, pea prices remain historically attractive relative to compound feed costs, ensuring steady demand from on-farm livestock operations.
Regional price variations for pulses remain more pronounced than for cereals, reflecting the smaller, more localised nature of pulse trading. Eastern England commands the strongest values due to proximity to major buyers and export infrastructure, whilst western regions trade £5-8 per tonne below eastern levels.
Regional Market Variations and Port Differentials
Geographic price spreads across UK grain markets remain relatively compressed for cereals, whilst pulses and oilseeds show wider regional divergence. This pattern reflects the mature, competitive nature of wheat and barley trading compared to smaller, more fragmented markets for specialist crops.
Port-specific pricing reveals interesting nuances. Liverpool continues to offer the strongest delivered values for feed wheat and barley, supported by export demand to Ireland and occasional container shipments to North Africa. Hull basis levels remain competitive for east coast production, whilst Southampton commands premiums for milling wheat destined for southern UK flour mills.
Basis trading opportunities currently favour selling physical grain and buying LIFFE futures for merchants with storage capacity, as the contango in forward curves offers carrying returns of £2-3 per tonne monthly. However, this strategy requires careful management of physical logistics and quality maintenance to capture these theoretical returns.
Forward Contract Opportunities and Risk Management
Merchant forward contract offerings have expanded across most commodities as harvest pressure abates and attention shifts to 2025 crop marketing. Wheat contracts for November 2025 delivery currently price at £185-195 per tonne ex-farm depending on specification, roughly £10-15 per tonne below current spot values. These forward discounts reflect normal seasonal patterns and carrying costs rather than bearish price expectations.
Barley forward contracts merit particular attention, with spring malting barley positions offering attractive pricing for growers confident in their production capabilities. The £195-205 per tonne range for 2025 harvest delivery provides solid margin potential, particularly given recent reductions in nitrogen fertiliser costs.
Oilseed rape forward contracts offer minimal premium over current spot prices, suggesting limited merchant enthusiasm for extended forward coverage. This flat forward curve implies that holding unpriced rapeseed inventory carries minimal opportunity cost, though storage costs and quality maintenance requirements must be factored into holding decisions.
Strategic Considerations for Market Participants
Farmers retaining significant unpriced grain stocks should evaluate current market conditions carefully. Wheat and barley values remain at historically attractive levels, whilst oilseed rape prices face downside pressure from abundant global oilseed supplies. Scaling into sales on any short-term rallies appears prudent for risk-averse producers, particularly those with limited storage capacity or quality concerns.
For growers with secure storage and quality grain, selective holding into early 2026 may capture additional value, particularly for milling wheat and malting barley where premiums continue to strengthen. However, this strategy requires careful monitoring of quality parameters and market developments.
Grain buyers should prioritise coverage for January-March 2026 requirements, as current basis levels offer reasonable value and forward curves suggest limited downside from current pricing. Procurement strategies should maintain flexibility to capture any weather-driven price volatility during the winter months.
Key Takeway
UK grain markets enter the final weeks of November with divergent commodity trends reflecting varying supply-demand fundamentals. Barley strength driven by malting premiums contrasts sharply with oilseed rape weakness under Canadian competitive pressure, whilst wheat maintains recently established higher price levels. Pulse markets show resilience supported by export opportunities.
Market participants should focus on disciplined, commodity-specific strategies rather than broad generalisations about grain market direction. Current pricing provides attractive opportunities for risk management across most commodities, favouring systematic forward sales over attempts to capture absolute price peaks. The combination of elevated prices and increased global uncertainty supports proactive rather than speculative marketing approaches.
