Grain markets in in Europe were very subdued this week with little price movement in any direction, albeit there was a slight decline in November prices for rapeseed. In the US, however, grain prices were trending lower all week as the USDA reiterated its forecast for bumper corn and soybean crops this year.

Added to this, the Brazilian currency has weakened sharply this week which will incentivise greater exports from the agriculture giant.

Europe

On the Euronext exchange (MATIF) in Paris, wheat and maize prices have been flat all week while oilseed rape prices have come back slightly.

December 2016-delivered milling wheat has remained below the €159/t mark all week, while December 2017 wheat has remained at €172/t. European maize (corn) prices have been steady at €160/t since Monday, while November 2017 maize is trading just below €166/t.

Oilseed rape prices have been falling since the close of last week with November 2016 rapeseed back about €6/t to just under €372/t, while November 2017 rapeseed finished above €361/t.

Chicago

In Chicago (CME), prices have been in decline all week after the USDA restated its forecast for a bumper harvest this year.

December 2016 wheat has dropped almost $4/t since the start of the week and is currently trading at $147/t (€131/t), while December 2017 wheat sits at $178/t (€159/t).

Chicago corn prices have also come under downward pressure this week with December 2016 corn losing $4/t since Monday to fall below the $130/t (€116/t) mark. December 2017 corn prices are trading at $146/t (€130/t).