International futures prices remain under pressure. Chicago maize dropped down to a new low of $3.36/bushel (€112/t) last week as news filtered through of even higher production levels. It has since recovered slightly and was €115/t midweek. Chicago wheat continues to fluctuate around €132/t. MATIF wheat was back this week and closed at €158.25/t for December contracts on Tuesday night.

Elsewhere, production prospects have improved in Australia due to rainfall and better temperatures, according to the recent AHDB report. Many parts of that country had suffered very dry conditions, but recent rainfall may help add potential to those crops. This AHDB report also states that EU wheat exports were down 23% on the year to 14 November, but barley exports were up 9%.

Native physical prices are broadly similar again this week, with spot wheat to the trade at €175/t and barley at €170/t. Spot rape is in the €375 to €380/t range.

May prices remain at €178/t for wheat and €175/t for barley. November 2018 wheat is currently guesstimated at around €175/t, with barley around €168/t.

UK delivered prices fell last week by around £0.50 to £1.50/t according to the AHDB. Wheat delivered East Anglia was put at £139.50/t, Yorkshire £148.50/t and central Scotland £151.50/t.

Last week’s UK ex-farm prices were put at £137.70/t for feed wheat and £123.70/t for feed barley. Belfast delivered wheat ended slightly lower at £161.50/t last week.