Grain markets remain under pressure due to the big global harvest so far this year, but the output from US and global corn crops remains much more uncertain and could still impact on price sentiment.
International grain prices continue to be pressured by the prospects of big supplies this harvest. And while there are mixed opinions as to the consequences of the very wet summer on maize yields across the Mid-West US, there is a growing opinion that States west of the Mississippi will still have big to very big yields. However, this opinion is not shared by many farmers on the ground who see their patchy crops and partially blank cobs as being a definite limitation to high yield potential.
While many parts of the world now report higher yields from harvested crops, European maize growers are not at all optimistic. Drought and high temperatures have been a problem in many maize producing regions and it is expected that yields will be hammered as a result. There is also growing concern about cereal yield prospects in the southern hemisphere as El Nino weather patterns signal potential drought conditions there. But there is little doubt that it will be the outcome from the US maize harvest that has most potential to impact on global grain prices this harvest.
Physical prices here have weakened slightly over the past week. Spot prices are technically new-crop now, with wheat to the trade in the €175 to €180/t bracket through to November and barley €10 to €15/t lower. Feed barley is trading at between €135 and €140/t but some keen buyers were paying up to €145/t.
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Title: Harvest pressure contributes to weakening price
Grain markets remain under pressure due to the big global harvest so far this year, but the output from US and global corn crops remains much more uncertain and could still impact on price sentiment.
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International grain prices continue to be pressured by the prospects of big supplies this harvest. And while there are mixed opinions as to the consequences of the very wet summer on maize yields across the Mid-West US, there is a growing opinion that States west of the Mississippi will still have big to very big yields. However, this opinion is not shared by many farmers on the ground who see their patchy crops and partially blank cobs as being a definite limitation to high yield potential.
While many parts of the world now report higher yields from harvested crops, European maize growers are not at all optimistic. Drought and high temperatures have been a problem in many maize producing regions and it is expected that yields will be hammered as a result. There is also growing concern about cereal yield prospects in the southern hemisphere as El Nino weather patterns signal potential drought conditions there. But there is little doubt that it will be the outcome from the US maize harvest that has most potential to impact on global grain prices this harvest.
Physical prices here have weakened slightly over the past week. Spot prices are technically new-crop now, with wheat to the trade in the €175 to €180/t bracket through to November and barley €10 to €15/t lower. Feed barley is trading at between €135 and €140/t but some keen buyers were paying up to €145/t.
For those of you who follow the markets closely we are now reporting futures price movements in Europe and Chicago on a daily basis on our web site. You can access these through the Markets tab in Tillage on www.farmersjournal.ie.
If you would like to speak to a member of our team, please call us on 01-4199525.
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