The value of the US dollar took a hammering this week as a result of new data showing the US manufacturing sector had contracted for the fourth successive month, while a new report highlighted weaker than expected activity in the US services sector.

Normally, any weakening in the greenback is good for dollar denominated commodities making them more affordable. However, grain markets have not responded as would be expected to the fall in the value of the dollar and prices have actually fallen in value.

Europe

On the Euronext exchange (MATIF) in Paris, prices for May 2016 delivered wheat eased back slightly to fall below €165/t, while May 2017 delivered wheat was also down marginally to end Thursday’s trade at €181/t.

European maize (corn) futures from Paris were also in reverse with June 2016 maize down €1/t to settle at €159/t, while prices for June 2017 delivered maize also lost €1/t to finish below the €174/t mark.

Rapeseed futures were mixed during Thursday’s session in Paris. May 2016 delivered rapeseed was back marginally to finish below €363/t, while May 2017 rapeseed actually gained more than €1/t to settle at €360/t.

Chicago

On the Chicago exchange (CBOT) cereal futures were in retreat despite the weakened dollar and steady cereal export data.

SRW wheat for May 2016 delivery lost almost $3/t to settle at $175/t (€156/t), while May 2017 delivered SRW wheat was down $1/t to finish just below $192/t (€171/t).

US maize (corn) prices were also softer with May 2016 delivered maize falling back $1/t to end the day at $147/t (€131/t), while maize for May 2017 delivery also lost $1/t to finish below $160/t (€143/t).