Grain prices in Europe continue to be mixed as weather concerns around planting conditions in some key growing regions persist. In the US, markets are eagerly awaiting the latest global supply and demand estimates due to be released by the USDA later today.

Europe

On the Euronext exchange in Paris (MATIF), grain prices were mixed. Wheat prices in Paris continue to be volatile this week, which is typical of this time of year according to UK analysts CRM Agri Commodities. With planting season in full flow in many of the major growing regions such as Russia, concerns over weather and its impact on plantings is affecting markets.

EU wheat traders are also reported to be finding it difficult to export supplies after a bountiful harvest, with many buyers sourcing cheaper wheat from Russia and the Black Sea region. Already this week we have seen French merchants lose out on a wheat tender to Egypt, the world’s largest importer.

Despite this, prices for December 2015 wheat gained slightly to finish at €179/t. In contrast, December 2016 wheat futures were down €1/t to settle just below €193/t.

European maize futures were generally steady to improving. Prices for November 2015 maize were relatively flat at just under €166/t, while November 2016 maize gained by almost €4/t in trading to finish at €184/t.

European rape prices continued to be stable after a lot of volatility in the past couple of months. Prices for November 2015 rape were back marginally to €376/t, while November 2016 rape also fell slightly at just over €354/t.

Chicago

Futures prices from the Chicago exchange (CBOT) came under harvest pressure during yesterday’s trade, despite a weakening greenback.

Prices for December 2015 SRW wheat in Chicago were down by almost $2/t to finish on $188/t (€166/t). December 2016 futures for SRW wheat also declined, with prices back $1/t to settle at $203/t (€178/t).

Despite another fall in price for maize futures in Chicago, it is expected today’s USDA supply and demand report will support this year’s maize price. The anticipation from markets is that the USDA will cut its ending stocks for maize.

December 2015 maize prices lost almost $2/t in trade to finish at $154/t (€136/t), while prices for December 2016 maize also lost $2/t to finish on $162/t (€143/t).