Futures prices continue on a gentle but bumpy rise. The recent sudden drop was associated with uncertainty regarding Chinese tariffs. This has recovered and MATIF wheat for December rose to €175/t in recent days. The greater price optimism is on maize but wheat has also increased, particularly in the US.

Late snow in some key spring wheat states is delaying planting and it had been expected that spring wheat area would increase this spring.

And, as we well know, poor weather in many parts of the EU is equally delaying planting here with uncertain consequences.

But as long as there are no major problems in Russia, there must be a limit as to the potential upside for wheat.

Oilseed rape prices continue to be under pressure as oilseed products around the world adjust to the threat of tariffs and news of a further cut in EU biodiesel production.

It would appear that barley is beginning to price itself out of the home market. Nearby wheat to the trade continues at €180 to €185/t, while barley is said to be on the lower side of €190/t. New crop prices are broadly similar to last week but there is very little business being done. Wheat is in the €175 to €180/t range, with barley €170 to €175/t.

UK prices were generally higher last week with wheat delivered East Anglia up £2/t while Yorkshire was unchanged. Ex-farm wheat was up £2.90/t to £147.70 and barley was up £1.90/t to £140.20.

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Another week of high market volatility