International futures prices fell slightly last week, picked up early this week and then weakened again. Chicago wheat took most pressure, falling as low as $4.16/bu at the end of last week, while maize hovered around $3.46/bu. However, MATIF maize strengthened somewhat on the back of harvesting difficulties in the US due to wet.

Elsewhere, estimates for the Australian harvest continue to reduce output expectations. Rabobank now puts that wheat crop below 21Mt, compared with almost 35Mt last year. However, this gap is barely denting global stock levels.

Oilseed rape prices took a lift last week as a result of further reductions in Australian canola output forecasts, plus improved margins for French crushers, according to the recent AHDB report. Chicago soya bean futures prices also increased, but weakness in the Brazilian real increased its export competitiveness.

Very little actual physical trading remains the story of markets here. Dry wheat out to December continues to run at €175 to €176/t, but barley is now a strong €170/t. May price indications suggest €178/t for wheat and €175/t for barley.

Currency remains an important factor and is reflected in lower UK delivered prices last week. The AHDB report puts wheat back £1-£1.50/t, reporting £138.50/t delivered East Anglia, £148.50 delivered Yorkshire and £152/t delivered central Scotland. But ex-farm prices were up slightly for feed grains, with a wheat average of £138.60/t and barley £123.90/t.