Global wheat futures prices declined again last week on the back of news of further supply increases. EU production is up slightly and analysts have added another million-plus tonnes to the Russian wheat harvest. The USDA puts global wheat production at 751.19Mt, up from 744.85Mt in September.

The two recent co-op grain price announcements will help the bottom line for growers who fully qualify. These price levels of €145 and €147/t for green feed barley certainly support price relative to current market values, but one must ask if the scale of this support (up to €14/t) is now targeting competitiveness rather than support?

Native dry prices are up somewhat as sellers hold out against prices that are deemed to be too low. However, imported maize continues to pressure the bottom end of the market and it could well displace more native grain.

Dry wheat to the trade seems to be in the €174 to €176/t bracket out to Christmas, with barley now up in the €167 to €170/t range. May price estimates are tending towards €180 for wheat and €173/t for barley. Imported maize is currently running around €172/t.

UK prices continue to move with currency. The AHDB puts delivered feed wheat at £139.50 to East Anglia, £149.50 to Yorkshire and £150.50 to central Scotland. But average UK ex-farm prices finished up last week at £140.10/t for wheat and £121.90/t for barley. UK wheat availability is seen as tight this year, while feed barley is seen as surplus.