Global grain markets rose again last week, but levelled off or even weakened by midweek, possibly on news of rains forecast for some dry wheat regions. But maize and the US planting difficulties have been the major drivers of price.

On balance, Chicago December maize and wheat prices were slightly lower mid-week than a week earlier and the same can be said of French MATIF price levels. Indeed, the impact on EU prices has been more restrained, possibly because of the relative proximity of bigger surpluses of wheat around Europe.

Last Wednesday, December MATIF wheat traded around €182.25/t, down approximately €10/t from the previous week.

We must remember that while the threat of a reduced US maize area is now very real, there is still expectation of a big global wheat harvest.

The difficulties in the US have affected other crops, including soya beans and oilseed rape. EU MATIF rapeseed prices for November closed on Tuesday at €372.25/t, up from the early €360s in early March. However, prices for both crops eased midweek.

Spot native wheat remains in the €200 to €202/t bracket, with barley around €175/t. Imported maize has risen from €175/t in early May to €195/t currently. November wheat has slipped back to €190/t, having been as high as €197/t last week. New-crop barley is put at €175/t and oilseed rape at €370/t.