Currency continues to have a significant impact on international grain trading markets, but market indicators continue to point towards higher wheat availability, which is adding downward pressure.

Markets continue to be slow. Sellers see no value in the prices being offered and buyers see prices dropping further. The large maize harvest continues to pressure prices, but the strengthening dollar has increased its ex-port price here.

The maize market saw some futures price movement in the past week, as futures gained on the back of slow harvest progress in the US and reduced maize production in the EU.

Physical grain prices appear to be largely static week on week. An unwillingness to trade remains the main feature of the market. Spot wheat is currently quoted at around €175/t to the trade through to December, with barley at €167 to €170/t.

The anticipated increase in global wheat stocks is already impacting on next year’s price, with €175/t suggested for November 2018. And May 2018 quotes show less of a price carry at €3 to €4/t as we move into November.

Maize ex-port price is up €2 to €3/t this week due to the stronger dollar, but it is still competitively priced.

Belfast delivered wheat and barley are also broadly similar to last week at £157.5/t for barley and £161.5/t for wheat. And delivered wheat prices in England are also broadly similar to last week, as are ex-farm prices of £139/t for feed wheat and £122.30/t for feed barley.