Movement in futures price continues – up a bit, then down a bit. Meanwhile, physical prices remain broadly similar.

Lack of active demand is the main reason prices remain static. Offer prices are generally up as sellers ask for more, but the buyers are not responding on the basis that global supply is high.

There has been some short covering by shippers who need to prise grain out of stores to fill ships, but psychology is having an impact on both sides. Sellers would sell if only the price moved to a round higher figure. Buyers might buy if price moved to a lower round price. And buyers find it difficult to pay €170/t for something that they have already bought for €150/t earlier in the season.

Imported maize has gone up again to around €180/t, partly as a result of currency and partly as a result of logistics, as the eastern Europe harvest is delayed due to wet. Soya bean meal prices have also increased, partly due to currency but also to solid physical demand internationally.

Native grain prices remain broadly similar, with spot wheat at the lower end of a €165 to €168/t range and barley at €155 to €156/t. March to May sees wheat around €173/t and barley at €160/t. November 2017 wheat is around €170/t with barley at €158/t. Earlier this week, Glanbia offered €170/t for wheat for November 2017 and €160/t for barley.

Oilseed rape is now around €400/t up to May and around €390/t for next November. Worth considering!