International prices weakened slightly over the past week, but currency is holding eurozone prices relatively firm. A continuing export drive out of the EU is helping demand, particularly around deep-water port zones, but these are of little direct consequence to us in Ireland

International markets lack any real driver of momentum in either direction at the moment and activity on futures markets is slow to reflect this, according to the HGCA.

European wheat exports continue strong and ahead of schedule, with Egypt being a significant buyer in the past week. EU wheat has been more competitive than US origin, but the latter source came back into the market late last week to secure an export deal to Egypt

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This reinforces the fact that markets ebb and flow depending on currency and export policies, etc. This still drives some international price movement. In the past week, early US estimates of planted area and planting intentions suggest a reduced area of wheat and corn, while a previous estimate suggested a decrease in soyabean area. However, it seems unlikely that all three crops will decrease simultaneously.

Nearby price levels here remain broadly similar. Spot wheat prices remain in the €175/t to €180/t bracket to the trade. Barley with immediate delivery deals either side of €165/t. As February ends, it seems to be getting more difficult to get a carry for May sales, with the main users continuing to carry stocks in the face of reduced feed demand. November prices seem to have slipped slightly in these bearish international markets, with wheat to the trade currently around €180 to €183/t and barley in the €168 to €170/t bracket.