Politics was the main market influencer last week. The meeting between the Americans and the Chinese at the G20 summit helped US wheat and maize prices and also gave a good kick to soya bean prices.

This spilled over to MATIF, which saw a slight increase, but this appears to be slipping back again to under €200/t for December contracts. Currency remains a factor in daily markets.

There are a number of other background influencing factors also. Many countries report increased winter planting, which could make for increased supply in 2019. The AHDB reports that wheat harvesting is under way in Argentina, but poor crop condition ratings cause output estimates to be questioned.

Closer to home, the big problem in the market relates to the relative price of maize (€180/t ex-port) to wheat or barley. This is really hampering the nearby demand for native grains and the real fear is that it could also impact negatively on demand out into the new year.

Native prices remain broadly similar to last week, with perhaps a tendency to be slightly weaker at the top end as demand opportunities pass and we slip into the new year.

Nearby wheat and barley are now closer to €215 to €218/t, with no enthusiasm to pay a forward carry due to the price gap with maize.

November wheat is put around €192 to €194/t, with barley around €185/t.