International grain markets were flat to lower over the past week and MATIF and LIFFE were down. MATIF wheat for December has been floating around €170/t for the past week, down from the mid-€180s at the end of June. The wheat market has been bearish for weeks now, while maize had been steady. Now maize is tending bearish or downward from the favourable yield projections in the US and improved prospects for the European maize harvest. But US yields remain uncertain in this equation, as significant regional differences exist.

Our wheat and barley markets continue to be pressured by UK imports, with prices there now significantly discounted due to internal supply and the perceived need to export volumes ahead of Brexit. This, in turn, is impacting on Black Sea export prices and is creating a vicious circle of pressures as these countries seek to win export sales.

MATIF rape prices weakened slightly last week, but overall supply remains tight. Demand in Ireland is low and exports are now being considered.

Native prices are weaker this week, as European prices fall. Spot wheat for immediate movement has slipped below €170/t, while barley is broadly similar at €162 to €163/t.

November prices suggest wheat around €172 to €173/t and barley at €164 to €165/t. May ’20 prices remain strong by comparison, with wheat still around €185/t but barley is down slightly at €181/t.