Global grain prices had another up and down week on the back of stock levels and increased supply estimates. Currency has again been a big factor as it affected Russian and euro prices in particular.

News of continuing strong corn exports from the US was one of the supports in the past week and it helped to counterbalance the increasingly large South American maize harvest.

Egypt was back in the market again last week and purchased 420,000t of mainly central European origin wheat but some French also. It is the biggest importer of wheat and some believe that its overall demand is increasing.

Wheat markets in the US were helped by ongoing concerns over dryness in the wheat belt and this helped futures last week. However, this appeared to be reversing again.

Meanwhile, Chicago soya bean futures have continued to weaken since the start of March on the back of high South American output and an expected increase in the area to be planted in the US this spring. This has also affected EU rape prices.

But physical markets remain largely stubborn, as there are relatively few sellers in the market currently. Native spot prices have a slightly weaker tone, with wheat at €177 to €178/t and barley at €163 to €165/t. May prices are slightly stronger at €179 to €181/t for wheat and €164 to €166/t for barley. However, June/July wheat might make €180 to €182/t. November wheat is quoted at €170 to €172/t with barley at €160 to €162/t.