Markets have generally weakened over the past week with new crop wheat prices back about €5/t. Basically all of the news for 2015 harvest is good at the moment so harvest supply is seen as more than adequate.

Crop conditions and weather are broadly favourable in all of the major grain producing blocks, thus indicating high harvest supplies. And then the current supplies and likely stocks tell buyers that grain will be plentiful and so there is little need to rush forward purchases.

So the current sentiment is largely where it was last harvest. Big supplies and tempered demand leave the market appearing oversupplied. But occasional events flipped this price sentiment to leave some selling opportunities. These may be gone for now, but if another upward blip occurs, forward selling should be considered. It is possible we may see another flurry of fund buying in the near future which could give an upward price blip.

Wheat for May/June is now around €180 to €181/t but spot sales would still be subject to some level of discount. Barley is now in the lower side of the €160 to €165/t band, with spot sales again subject to discount.

New-crop wheat prices have fallen further, with price to the trade in the €180 to €182/t bracket. Barley is a bit steadier, largely because it has been so heavily discounted against wheat in recent weeks. Price for November barley remains in the €165 to €168/t range to the trade. Imported maize prices have weakened also, with €185/t ex-port now available out to November. Last week’s green price offers were below €130/t for barley and around €150/t for wheat. These have since decreased.