The past week has seen further ups and downs in global grain markets, but the balance of movement was upwards. There is a growing feeling of firmness in markets, but some would dispute that, as they believe that market forces will once again cut in once harvest begins to push prices lower. Others take a more bullish view of the impact of supply and demand, especially on barley.

Expectations of reduced yields from US wheat and reduced plantings of maize in Brazil and barley in Ukraine are helping to steady the ship and add some price optimism.

Closer to home, the recent period of very high demand has eased with increasing grass growth, but demand is still described as good. This will inevitably ease off, unless a lot of heavily stocked livestock producers decide to supplement with meal to help them conserve additional fodder.

Native prices are broadly similar to last week once again, but nearby wheat is a bit stronger, with ex-store price now either side of €185/t. Barley will be over €195/t if it is still available.

New-crop wheat offers remain around €180/t to the trade, with barley also close to €180/t, but individual merchants are taking a more bullish view on where these prices will end up.

UK prices remained largely unchanged at the end of last week, with ex-farm wheat finishing the week at £147.70/t and barley at £143/t.