Grain futures have remained steady in Europe and the US this week, which has come as a welcome boost for growers and traders after large price drops were recorded in the previous week.

Significantly, this break in decreasing prices could imply that a low has been found and a new up-trend is under way, which could push grain contracts higher; but this is only speculation.

As prices steadied, several trade deals took place last week, with Algeria and Egypt being two of the main players.

On Wednesday, Gasc, the grain authority for Egypt, bought 420,000t of milling wheat from France, Russia and Ukraine at an average of $209.50/t including freight.

Algeria’s state grains agency, OAIC, then bought 480,000t of milling wheat at prices between $204/t and $206/t on Thursday, including freight

Europe

Grain futures prices from the Euronext exchange (MATIF) in Paris started this week on a poor footing after significant drops were recorded in the previous week.

For the last seven days, however, prices have remained steady with little or no change being observed.

Milling wheat has fallen just €1/t and is currently trading at slightly over €171/t. Maize prices rose marginally for the week, with June 2017 maize futures up €2/t to €173/t.

Oilseed rape futures have been up and down since the start of the year, but this week’s futures prices showed no variation, with May 2017 rapeseed futures trading at €408/t, on a par with the same day last week.

Chicago

In Chicago (CME), May 2017 SRW wheat futures finished yesterday at $158/t (€147/t). This marked a solid $6/t rise in a week. US corn prices also recorded a price lift, with May 2017 corn climbing $3/t to $143/t (€133/t).