Physical markets remain broadly similar to recent weeks, with some movement around currency. Harvest is progressing in the US but that wheat market now has relatively little influence on ours.

Soya bean prices continue to weaken and soya bean meal may well drop further. But ongoing soya bean demand, coupled with water damage to US crops, could yet cause this price trend to reverse.

Closer to home, the HGCA reports that European barley yield expectations were cut in the latest EU crop monitoring report. This is a result of the general dryness across much of western Europe and especially in northern Spain and France. There is concern that this could leave the EU tight on supply, depending on its export policy in the year ahead.

This time last year, wheat was well priced relative to maize, but this year maize seems more competitive, so it could take a bigger share of the total feed requirement.

Prices here are broadly similar to last week, with demand being very slow. Old-crop wheat is again put at €180 to €182/t, with barley at €165 to €170/t depending on location. New-crop wheat is currently put at €170 to €173/t to the trade, with barley at €160 to €162/t.

Earlier this week, Glanbia offered €172 and €162/t for dry wheat and barley respectively for November or €138 and €130/t for green wheat and barley for harvest. I also heard that green barley was sold forward at €135/t, plus haulage, to an end user. It’s always about location.