The past week has seen considerable volatility in global grain futures markets. The last USDA report forecasted lower planting numbers for maize (down 2%) and soya beans and this helped drive Chicago prices. The news of tariffs on imports into China drove them down again. However, there is a belief that prices will be higher, as these markets realign with different trading partners.

Wheat did not get caught up in that excitement, as stock levels remain high and US farmers stated their intention to plant more spring wheat. However, prices still edged upwards. MATIF December wheat moved to €174 from €171/t in recent days. But, as happened before, this may weaken again.

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Behind these facts and figures there seems to be a growing realisation that overall grain supplies will be tighter this year, leaving more scope for price optimism.

Native prices are up slightly again this week. Spot wheat to the trade is now €180-plus and barley ex-store is €190-plus. New-crop prices are stronger also, with November wheat pushing to €182/t and barley close to €180/t.

Earlier this week, Glanbia offered €146/t for green barley and €149/t for green wheat for harvest. However, up to €155/t is being offered in parts of the country for green barley.

Sterling price measures mainly increased last week, with most delivered prices and ex-farm wheat (£146.20/t) up, but barley is down to £136.60/t.