Grain prices have trended down within the past fortnight, as markets reacted to positive yield reports with the US wheat harvest under way.
Forward contract prices for November delivery of wheat imported through Belfast port are down £9, to £227/t.
Wheat prices had been moving upwards throughout May, peaking at around £238 to £240/t, but have since fallen back to price levels similar to late April.
Markets analysts expect prices to settle over the coming weeks, with the European harvest due to start towards the end of this month.
Longer term, wheat prices are expected to harden, with estimates the Russian harvest will be down 13m tonnes in comparison to 2023.
Barley
Imported barley through Belfast has also eased since the start of June, with spot markets down £4, to £204/t this week, while contract prices for November are back £12, to £197/t.
Prices are expected to stay around current levels until the European harvest nears completion. Maize prices are also expected to hold relatively steady over the coming weeks.
Soya
Soya prices are also trending downwards, as supply fears ease following flooding in Brazil during early May.
Imported prices for July delivery have fallen back to under £400/t, although spot price for delivery before the end of the month is only available on application to purchase.
Soya delivered on-farm continues to cost well above £450/t, but is expected to reduce as the downturn in global market prices filters through to the local trade.