In light of any real activity in international grain markets, prices have remained flat, if not slightly back. Crops around the world are in good condition and weather forecasts are also favourable.

The major event in the last week was the UK’s decision to leave the European Union, which sent tremors through global financial and currency markets, but grain markets generally remained unchanged.

The fall in value of sterling helped send LIFFE wheat prices soaring on Friday and Monday by as much as £8/t and currently sit at £121/t. Markets in Paris and Chicago are extremely quiet at present, with little or no farmer selling taking place at current price levels.

December MATIF wheat is back marginally to €165/t over the last week, while maize is also back slightly to sit just below €169/t.

In the US, all eyes are on the USDA’s report, due to be published on Thursday evening, on acreage sowings. Corn and soyabean acreage will be closely watched in particular.

US December wheat prices have weakened as much as $15/t in the last fortnight.

Closer to home, native spot prices continued to weaken this week. Spot wheat is down €2/t from last week at €158/t, while spot barley prices have come back €3/t this week to €145/t.

November wheat is also down €2/t to €162/t, having been at €168/t a number of weeks back. Rape prices steadied this week around the €365/t mark after some recent falls.