International grain markers were broadly described as neutral last week as they balanced the seesaw of area, production stocks and weather concerns for the 2019 crop.

However, they have weakened further this week, especially wheat, as forecasts of better growing weather add to the area pressures.

The most recent International Grains Council report has increased global grain production by 50Mt on last year to 2,178Mt.

However, overall global consumption is also up, which suggests that production will not meet demand yet again. However, the projected deficit is totally in maize, with wheat showing a surplus.

This is now impacting differently on the prices of each product in the futures market.

Weather affects remain an unknown. Concerns about spring dryness seem to have had much less impact on production in recent years than they would have done two decades ago. Indeed, we would have to be quite hopeful about crop prospects at home and that sentiment may not be confined to us.

Native prices remain broadly similar in the nearby market, with spot wheat in the €204 to €205/t bracket and barley around €180 to €182/t. Lack of demand remains the greatest challenge. New-crop prices are weaker, reflecting the forecast pressure on wheat. New-crop wheat is currently put around €180 to €182/t, with barley around €170/t for November.