Wheat futures markets moved in different directions either side of the Atlantic over the past week. This was largely driven by a strong dollar, or weaker euro, which saw Chicago prices drop while prices in Europe had a slight upward drift. But this is currency- rather than market-driven, so it will revert back in time. Recent US wheat export numbers may help in the short term.

Markets lack a driver at the moment, so they tend to move, or be moved, in the opposite direction. Coronavirus remains a negative concern, while difficulties getting the safrinha or second maize crop sown in Brazil is potentially positive.

Barley prices continue to be significantly discounted against wheat and maize. This is partly driven by concerns regarding a significant barley area increase in northern Europe due to the failure to get winter wheat planted.

Meanwhile, physical prices here remain largely static due to the continuing lack of vibrant demand. However if the current bad weather were to continue, an increased in feed demand seems likely. This could see a run on barley because of the value it offers.

Wheat continues to trade around €200 to €204/t spot and around €205/t out towards May. But new crop is still finding it difficult to break €190/t for November.

Barley is much more local and variable with spot price in the €170 to €175/t range, May is around €180/t and November is now somewhere in the €173 to €175/t bracket.