Grain prices remain broadly similar again this week, as wheat harvesting begins in the US. Wet continues to delay planting of a range of crops in parts of the US and Canada and moisture deficits continue in parts of Europe. These factors have helped prevent further falls.

In Europe, recent rain provided some relief to regions suffering drought. That is the view of the market, but others believe that there is still a significant risk of dryness for yield potential. Global yield estimates are being scaled back slightly and this might continue. However, only time will confirm if dryness will be an issue, as so many recent potential droughts did not affect harvest output.

Currency has been a major recent factor. A stronger euro could have significantly reduced euro prices, but it did not – not yet anyway. Another currency change was the lowering of the Brazilian and Argentinian currencies. This gives them higher local prices and increased competitiveness against the US exports.

Oilseed rape prices have fallen along with soya beans. MATIF rape is down from €393.75/t in early February to €365/t last Friday. New crop is put at €375 to €380/t dry.

Prices here remain broadly static. Old-crop wheat is around €180 to €182/t, with barley at €165 to €170/t. November wheat is €170 to €173/t with barley at €160 to €163/t. November maize is now at €175 to €177/t. On Wednesday, Glanbia offered €138/t for green wheat for harvest and €129/t for green barley.