Global futures markets have risen again following a week of consideration as to whether the extreme difficulties in the US were going to have significant consequence or not.

Rain continues to fall in the US, resulting in the loss of an unquantifiable amount of maize that had been planted up to seven weeks ago. One particular area received 115mm on Tuesday alone, with rain set to continue overnight.

Chicago wheat December futures rose from $4.32 to $5.39/bushel (€142.3 to €177.5/t) since 13 May. CBOT December maize increased from $3.63 to $4.54/bu (€128.1 to €160.1/t) in the same period. This is the highest level that Chicago maize has been at in the past few years.

These market pressures have spilled over into EU wheat, with the December MATIF closing last Tuesday at €187.75, while trading on Wednesday was close to €192/t. So we are definitely in a weather market, the impact of which remains impossible to predict. While the trend is definitely upwards, this could reverse again.

Nearby native prices are broadly similar to last week as they seek to find demand, with wheat in the €200 to €203/t range and barley around €175/t.

November prices are stronger, helped by maize, with €190 currently the centre of the wheat price range, with barley around €175 to €180/t. Dry rape is currently around €375/t. Glanbia offered €194/t for November wheat and €180/t for barley on Wednesday.