European wheat and maize futures hit their lowest points of 2017 this week, with wheat closing at €163/t on Monday, while maize settled at €169/t on Friday.

The drop in prices has come amid suggestions that EU wheat exports will lose some share of its trade to the key North African and Middle Eastern markets in 2016-17.

Forecasts show next season’s exports, which start in July, could be down as low as 29.0m tonnes (t), well below the level of 35.4mt in 2014 to 2015.

The forecast is also below the 30.4mt figure that the European Commission sees the EU achieving in wheat exports next season.

However, some positivity also emerged this week with news that Saudi Arabia is to become a major player in the maize market, thanks to a switch from barley in animal feed, which will also spur a rise in wheat imports. The latest USDA predictions have pegged 2017-18 maize imports at a record 4.30mt, a rise of 400,000t.

Europe

Grain prices from the Euronext exchange (MATIF) in Paris continued their recent decline this week.

Milling wheat has fallen €2/t and is currently trading at just under €163/t. Maize prices also dipped in the last seven days, with June 2017 maize futures down €2/t to €170/t.

The price of oilseed rape futures fluctuated this week. By Wednesday, prices had climbed €6/t to €403/t, but prices fell for the remainder of the week, resting at €396/t on Monday evening – a weekly decrease of €1/t.

Chicago

In Chicago (CME), May 2017 soft red winter (SRW) wheat futures finished yesterday at $158/t (€149/t). This marks a slight $1/t rise in the last week.

US corn prices showed no change, with May 2017 corn closing at $145/t (€136/t).

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