International futures prices weakened further over the past week, especially for wheat and especially in the US. Nearby Chicago maize future slipped to $3.35/bu, well below the suggested minimum production cost of about $3.70/bu. However, the December 2018 price is still above that $3.70 level.

Nearby Chicago wheat dropped below $4/bu and was trading around $3.87 at the time of going to press.

Pressure on wheat prices was heavily influenced by the higher harvest estimates from Canada and the US. US maize production is now lower than previous estimates and this appears to have stopped or slowed the decline in maize.

Supply remains the major driver of price sentiment, despite the fact that a recent Australian government forecast suggests a reduction in wheat of 42% on last year, at 20.3Mt.

International rapeseed prices continue to swing also, with projected South American soya bean production and Canadian and Australian canola estimates impacting.

The tone of the grain market is weaker, but native prices continue to hold. Nearby wheat and barley are around €175 and €173/t respectively. May prices are now about €1 to €2/t higher than spot and prospects for November are no better.

Wheat delivered Scotland remained at £152/t last week and East Anglia remained unchanged at £139.50/t. Yorkshire deliveries decreased by £1.50 to £152/t. Prices delivered Belfast were also unchanged last week, with wheat at £160.5/t and barley at £157.50/t.