Still nothing to offer a grain price lift

International futures prices weakened over the past week, but picked up again at the start of this week. International trade prices are up somewhat following a recent rise in freight costs, but there is still a lot of grain competitively priced for delivery.

Chicago wheat and maize futures prices fell following the prospect of improved conditions for winter wheat planting and maize harvesting. Further increases in the size of the Russian wheat crop also depressed price sentiment. Russian wheat continues to dominate in export markets and EU wheat exports lag behind last year (over 30% down).

Closer to home, maize harvesting is said to be progressing well across Europe and in Ukraine. Early reports from Romania suggest above-average yields there. Good yields of EU maize could further pressure all feed grain prices.

Lack of active trading continues to make native prices difficult to ascertain. In general, there is no change in average prices, but the top end is back €1 to €2/t on last week. Native wheat to December is around €174 to €175/t, with barley at €167 to €170/t. International barley prices are currently quite high, but only at deep-sea ports.

Overall demand for grains may increase as some alternatives become more difficult and expensive to source.

UK delivered prices (AHDB) were back last week by about £1/t, averaging £139/t in East Anglia and £148.50/t to Yorkshire. The average UK ex-farm price last week is put at £138.90/t.