Global futures grain prices fell last week, but if one was to try to summarise, Chicago maize seems to want to be around $3.45 to $3.50 per bushel (€128 to €130/t). This would appear to be some form of compromise between heavy supply and an unwillingness to sell.

Recent output figures for Canada and Australia continue to pressure supply and wheat markets are generally lower as a consequence.

Currency remains a significant factor, but so do the big crop projections in the southern hemisphere. And planted wheat area appears to be up already in a number of the major producing blocks.

Oilseed prices continue to trend upwards and this can be seen in both soya beans and oilseed rape. The MATIF November 2017 oilseed rape futures price has risen above €393/t, with February now at €414/t. At the end of last July, the November 2017 price was €355/t. Oilseed prices are being helped by a general tightness in the vegetable oil complex plus news of lost acres in the UK. However, the prospect of a big soya bean harvest in Brazil may weaken markets slightly if that happens.

Native prices are difficult to pin down due to lack of activity, but spot wheat to the trade is put at €168 to €170/t, with barley around €156 to €158/t. March/May wheat is put around €172/t, with barley at €160/t. November wheat is back to around €168/t, with barley at €158/t. On Wednesday Glanbia offered its suppliers €170/t for dry wheat for next November and €157/t for barley.