Global wheat prices, in particular, took another lift last week and this time it was driven by concerns over potential frost damage in Australia and news of a possible reduction in exports from Russia. If these become real, they could limit global exports of wheat.

Closer to home, the European Commission reduced its yield forecasts for maize, which was the first news of a hit to maize output for a number of months. But harvest pressure is a factor in the maize market currently.

Expectations for US maize continue strong, except for a few areas that were badly hit by drought. But strong exports have helped export sales and prices there.

Rape prices weakened further last week, with currency a major factor (euro vs dollar). It remains to be seen if recent palm kernel issues in Indonesia will strengthen or weaken the vegetable oil market.

Native prices to the trade remain broadly similar. However, the lack of trade is an issue when trying to get firm prices. That said, there is a slightly less pessimistic tone to the market. This week, Glanbia and Dairygold co-ops set their green prices for both wheat and barley to qualifying members at €205/t. These price levels are up almost €60/t on last year. UK delivered prices ended last week up slightly at £176.50 to east Anglia and £180.50/t to Yorkshire. Ex-farm feed wheat and barley were both back £1/t at £167.70 and £162.80/t.