With harvest under way in many parts of the world, price is sending different signals in different markets. Spring milling wheat remains a price driver, but rain in parts of Europe could well push part of the quality wheat crop there into either lower grade milling or even feed markets. Wheat is now differentiating into quality and feed.

On the negative side, we have big maize exports from Brazil and a very big wheat harvest in Russia. Exports from the EU are down year on year.

However, concerns exist about the potential impact of dryness in parts of the US, Canada, Australia and Ukraine, but these will only be verified when harvesting is underway.

Markets remain nervous about projected yield levels. However, sentiment is mainly driven by the last tangible news in the market and this was for high availability. The high level of recent importation of maize into China verifies reason for this concern. Other countries are also known to be in the market for increased imports this season.

Native prices are slightly weaker than last week, reflecting the general trend on feed grains. Spot wheat to the trade is running either side of €180/t, with barley between €162 and €165/t depending on location. Spot oilseed rape is now around €380/t dry to the trade.

December wheat prices are running between €173 and €177/t, with barley around €165/t. November maize is currently around €173/t and will push buyers towards this feed for as long as the price relativity remains like this.