The drop in futures prices which began last week has continued. We are very much in a weather market now and it seems that wheat is the one to watch. For the past few years, maize pulled down wheat, but now it seems that wheat could be pulling up maize.

Concerns remain for global wheat production, with dryness being an increasingly worrying factor in the main wheat-producing countries and especially in the Black Sea region. EU grain production estimates have also been lowered.

The recent report, which indicated that US maize planting was about complete and that weather conditions looked more favourable, has pressured maize once again.

Spot native wheat has strengthened to about €195/t, with barley virtually unavailable. New-crop prices remain flat, with November wheat to the trade at €190 and barley at €185/t. Last Tuesday, Glanbia offered €162/t for green wheat and €157/t for barley.

Pressure on soya bean futures continues to affect rape, but with EU production estimates falling, rape prices could hold or strengthen.

UK prices closed last week with very slight gains on delivered prices, especially to East Anglia. But ex-farm wheat strengthened considerably and closed up £3.90 at £159.20/t according to AHDB. Barley was down £2 and ended the week at £143.40/t. Prices in NI remain largely unchanged.