Markets are slightly stronger this week, with currency being the main factor. There is no new news along the supply and demand chain that has altered sentiment, but a weaker euro is helping internal price competitiveness.

Closer to home, the market might be described as a bit steadier or less jittery. There is very little trade taking place, despite the busy feed market, but there was a lot of forward cover taken, particularly in imported maize and wheat.

Global markets were a bit weaker though, largely as a result of revisions to stock levels in China. However, in the current trade war scenario, it is difficult to know if these are genuine or just an effort to further disrupt trade. But when China is left out of this equation, global maize stocks-to-use ratio is relatively low at 11.9%, according to the AHDB. It also notes that many recent US estimates of crops elsewhere are higher than the local estimates of same.

Native prices to the trade are up about €2/t relative to recent weeks. Feed wheat is put at €215 to €220/t, depending on position, with barley now in the same price range – higher prices related to forward positions. New-crop wheat is put around €193 to €195/t, with barley around €190/t.

UK delivered prices fell last week in response to currency. Gradually, the price gap between wheat and barley has closed ex-farm with wheat at £165/t and barley at £164.40/t.