Grain markets continue to bounce about, but most futures markets increased last week on the back of concerns about Russian exports and Australia production. MATIF rose last week and held this week at last weekend’s level of €203.50/t. But all markets appeared to be weakening slightly again by Wednesday.

Potential Russian export challenges was the main support to prices last week. Last Tuesday, a possible temporary suspension of operations was mooted for a number of grain loading ports and this helped to support prices.

Issues in Australia also gave some market support in the past week, according to the AHDB. Dryness remains a significant issue, as it is now spring and yield potential is being limited by the ongoing stress, especially towards the eastern half of the country. While the drought was less severe in the exporting west, recent frosts may have caused significant crop damage there.

Oilseed rape prices strengthened slightly. Heavy rain delayed soya bean harvest in the US, while snow and rain has the same effect in Canada.

Native grain prices remain broadly similar against a slightly stronger sentiment. Physical prices remain difficult due to lack of trade. Spot wheat to the trade remains in the €215 to €220/t bracket, with barley around €220/t. November ’19 offers for wheat seem to running between €190 and €195/t currently.