International grain futures markets weakened further in the past week. Chicago maize fell further, as did MATIF. The latter closed on Tuesday night for wheat at €166/t, having closed at €170/t on 23 August.

At the moment, sentiment on all cereals is bearish or negative. The global wheat market sees prices remain under pressure in what seems to be a well-supplied market, as harvest progresses and production estimates increase. The recent International Grains Council report increased wheat production in the EU, the US, Canada and Ukraine.

Bigger crops in the EU, especially in France and Germany, pressured MATIF futures. And while French wheat recently won sales to Egypt, according to the AHDB, Russian wheat continues to dominate sales. As of now, wheat is impacting negatively on maize prices, while US maize yields remain uncertain.

The international oilseed rape market is different in that EU supplies are tight to deficit. MATIF prices rose in the week to close on Tuesday at €381/t. However, there is still a lack of real demand on this island.

Native prices are lower too. Spot wheat is now about €168/t, with barley around €158/t. November wheat is €170-plus per tonne and barley is around €162/t. Further-out prices are heavily Brexit-dependent. May ’20 wheat is between €180 and €185/t, with barley between €168 and €178/t, depending on Brexit outcome.