With a lot more maize still to be harvested in the southern hemisphere, some believe that this will put even more pressure on feed grain prices in the new year.
Grain markets continue on an uncertain path. The recent strengthening of EU futures appears to have come to a sudden halt, with December wheat down almost €8/t since last weekend. Currency has had a significant impact on euro prices in recent weeks to mask what has been happening elsewhere. If MATIF May wheat prices are expressed in US dollar terms, the price today would be lower than it was at peak harvest pressure. Currency drove a surge in euro prices in mid-November, but this difference now appears to be realigning.
US maize prices got a boost following the announcement of the higher US biofuel mandate. This also increased soya bean prices, as more soya oil is likely to go for biodiesel. This is impacting on all vegetable oils and back to oilseed rape, where February MATIF price has exceeded €404/t.
ADVERTISEMENT
Meanwhile, output expectations from southern hemisphere harvests remain high. If these predictions come to pass, it seems likely that they will put further pressure on wheat and maize prices.
Native prices remain broadly similar in the near term and for new crop, but definitely weaker in the medium term. Spot prices remain around €167 to €168/t for wheat, with barley around €155 to €157/t. March / May positions are back to €170/t for wheat and €160/t for barley. November wheat remains around €170/t, with barley at €158 to €160/t.
Earlier this week, Glanbia offered its growers €169/t for wheat for November, with €156/t for barley.
Register for free to read this story and our free stories.
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
Grain markets continue on an uncertain path. The recent strengthening of EU futures appears to have come to a sudden halt, with December wheat down almost €8/t since last weekend. Currency has had a significant impact on euro prices in recent weeks to mask what has been happening elsewhere. If MATIF May wheat prices are expressed in US dollar terms, the price today would be lower than it was at peak harvest pressure. Currency drove a surge in euro prices in mid-November, but this difference now appears to be realigning.
US maize prices got a boost following the announcement of the higher US biofuel mandate. This also increased soya bean prices, as more soya oil is likely to go for biodiesel. This is impacting on all vegetable oils and back to oilseed rape, where February MATIF price has exceeded €404/t.
Meanwhile, output expectations from southern hemisphere harvests remain high. If these predictions come to pass, it seems likely that they will put further pressure on wheat and maize prices.
Native prices remain broadly similar in the near term and for new crop, but definitely weaker in the medium term. Spot prices remain around €167 to €168/t for wheat, with barley around €155 to €157/t. March / May positions are back to €170/t for wheat and €160/t for barley. November wheat remains around €170/t, with barley at €158 to €160/t.
Earlier this week, Glanbia offered its growers €169/t for wheat for November, with €156/t for barley.
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS