While futures prices rose and fell in recent weeks, there is a generally firmer tone to grain markets currently. Most futures markets are trending upwards and imported prices are firmer to drive physical prices. Maize continues to firm and this is helping to make wheat more competitive in native markets.

A number of international factors continue to support current prices. However, there is still little in terms of active demand or forward buying in the home market, as the big users concentrate on getting feed produced to meet the big demand rather than buying replacement or forward cover. The slow and late spring is now generating a level of feed demand that was not anticipated in some parts of the country.

Native wheat offers good value to feed producers, as imported maize has increased to €188/t ex-port in recent weeks from its long run at €173/t.

Native prices are up over €1/t and there is more strength in the spot/nearby market. Wheat is in the €177 to €178/t bracket to the trade and this may sneak above €180/t in the coming weeks. Barley is around €180 to €182/t and this too may increase, as it is now scarce.

New-crop prices are rising too, with November wheat now in the €175+/t bracket and new-crop barley generally at or above €172/t.

Glanbia forward offers for green barley have also been increasing, with €145/t offered this week compared with €138/t three weeks ago. Glanbia’s prices are now quoted as delivered to one of its drying locations.