New US numbers released earlier this week indicated that corn stocks there were 13% lower than anticipated, with soya bean stocks 7% lower. This unexpected news impacted on futures prices, but physical prices were more reserved given that US exports are also slow.

Wheat had been the main mover last week, especially in the EU, because EU wheat was successful in winning tenders to Egypt and this caused a bit of a flurry in markets. Maize has again returned to centre stage.

It would seem that recent markets are much more driven by the demand for trade than from consumers, which is where the real market resides, as these are the players who remove supply from the marketplace. And a lack of sellers, now that harvest pressure has eased, appears to be helping to hold prices firm for the moment at least.

While the usual international market uncertainties continue, the ending of harvest pressure seems to be having a stabilising effect here.

The crop is gathered, temporary storage has found a permanent home (at a price) and store doors are closed for the time being. Demand in the feed market is the next step to generating a market for these crops.

Both import and native prices increased this week in response to the news from the US. Native wheat for the next two months increased to around €175 to €177/t, with barley now around €165 to €167/t. But the market still lacks buyers.

The current expectations for May prices are up slightly also, with around €182 to €183/t for wheat and around €175/t for barley.