International grain futures prices weakened again this week following news that stock levels in the US are expected to be even higher than had been anticipated.

This has contributed to an already bearish tone, which has now extended to maize as well as wheat. With stocks expected to rise and production also expected to increase for the coming harvest, oversupply is driving sentiment.

Recent reports suggest that global weather conditions remain largely favourable for new-crop wheat production, with conditions in the US, Black Sea and Europe all seen as suitable for yield.

Flooding in the US, coupled with ongoing rainfall, will delay maize planting, but this is not yet seen as a real concern.

Native prices here continue to be in a depressed state due to the lack of active demand for native grains following the high level of feed imports in the country. Dry barley prices are already down €30/t since the start of the year, but it is not being used because mills already own large stocks of imported feeds.

Dry spot wheat remains in the €205 to €206/t bracket, with barley more at the €185 to €188/t level, if you can get a buyer. Further out, prices appear to offer a little more, but the main challenge is again securing a buyer.

November prices are remaining steady, with wheat around €184/t and barley closer to €175/t.