Grain prices have weakened over the past few days as conflict in the Black Sea region abated somewhat and rain fell in parts of the world where drought had been of concern with regard to planting. So, for the moment, some of the perceived risk has been switched off, but has not gone away. And the removal of any element of risk brings a significant sell-off by investors and hence prices have fallen again.

As was the case in recent weeks, wheat has been the market driver and so it has suffered most in the past week. Spot wheat to the trade is now in the €212/t to €213/t bracket, with spot barley unchanged at €185/t to €187/t. But native grain is now tight and the overall market has more sellers than buyers. This is further pressuring the market.