Over the past week, there have been further yield and export forecast reductions across Europe, Australia and Canada.
Expected wheat yield reductions
With dry conditions expected to persist across the Australian spring, last week the International Grains Council put Australian wheat output down 3% from 2017.
Meanwhile, the EU wheat export forecast for 2018/19 was cut by 20% to 20Mt. EU wheat production has been reduced by 13.2Mt to 128.8Mt. Wheat exports in 2018/19 are now forecast to be 1.3Mt less than in 2017/18, the AHDB reports.
Oilseed predictions back
Sticking with the EU, the AHDB reports that EU rapeseed production was reduced again by both the European Commission and Strategie Grains. The Commission cut its forecast by 0.5Mt to 19.2Mt, while Strategie Grains cut its estimate of the 2018 crop from 20.0Mt to 19.6Mt.
Weather concerns in Australia continue to put pressure on the country's oilseed crops. The international grain council pegs rapeseed output to be down 24% from 2017 with further reductions likely. Across the world to Canada, rapeseed production was pegged 10% lower than 2017 at 19.2Mt by Statistics Canada.
Soya beans better than expected
Downward pressure was asserted on soya bean markets as INT-FC Stone last week raised expectations for the 2018 US soya bean crop from 124.5Mt to 130.1Mt. This means that the latest forecast is around 5.2Mt above the August forecast from the USDA and nearly 11Mt above 2017 levels.
On the Euronext exchange (MATIF) in Paris, maize, milling wheat and oilseed rape futures recorded slight gains over the week.
Milling wheat for delivery in December recorded a €3.0/t increase since last week to finish yesterday’s trade at € 202/t.
Oilseed rape prices were also up on last week. Rapeseed prices from Paris were up €3/t since last week to €375/t.
November 2017 maize prices recorded a €1/t increase over the previous week to finish at €181/t by close of trade on Monday.
Looking across the water to the Chicago grain market (CME), wheat and maize recorded gains over the past seven days while soya beans recorded a slight loss.
2018 December futures now stand at $143.4/t for maize, up $1/t and $309/t for November-delivered soya beans, down $2.2/t over the past week with prices for the December-delivered crop up $1.5/t to $195.1/t.
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International grain markets: maize puts more pressure on grain futures prices
Grain output down around 30%
Over the past week, there have been further yield and export forecast reductions across Europe, Australia and Canada.
Expected wheat yield reductions
With dry conditions expected to persist across the Australian spring, last week the International Grains Council put Australian wheat output down 3% from 2017.
Meanwhile, the EU wheat export forecast for 2018/19 was cut by 20% to 20Mt. EU wheat production has been reduced by 13.2Mt to 128.8Mt. Wheat exports in 2018/19 are now forecast to be 1.3Mt less than in 2017/18, the AHDB reports.
Oilseed predictions back
Sticking with the EU, the AHDB reports that EU rapeseed production was reduced again by both the European Commission and Strategie Grains. The Commission cut its forecast by 0.5Mt to 19.2Mt, while Strategie Grains cut its estimate of the 2018 crop from 20.0Mt to 19.6Mt.
Weather concerns in Australia continue to put pressure on the country's oilseed crops. The international grain council pegs rapeseed output to be down 24% from 2017 with further reductions likely. Across the world to Canada, rapeseed production was pegged 10% lower than 2017 at 19.2Mt by Statistics Canada.
Soya beans better than expected
Downward pressure was asserted on soya bean markets as INT-FC Stone last week raised expectations for the 2018 US soya bean crop from 124.5Mt to 130.1Mt. This means that the latest forecast is around 5.2Mt above the August forecast from the USDA and nearly 11Mt above 2017 levels.
On the Euronext exchange (MATIF) in Paris, maize, milling wheat and oilseed rape futures recorded slight gains over the week.
Milling wheat for delivery in December recorded a €3.0/t increase since last week to finish yesterday’s trade at € 202/t.
Oilseed rape prices were also up on last week. Rapeseed prices from Paris were up €3/t since last week to €375/t.
November 2017 maize prices recorded a €1/t increase over the previous week to finish at €181/t by close of trade on Monday.
Looking across the water to the Chicago grain market (CME), wheat and maize recorded gains over the past seven days while soya beans recorded a slight loss.
2018 December futures now stand at $143.4/t for maize, up $1/t and $309/t for November-delivered soya beans, down $2.2/t over the past week with prices for the December-delivered crop up $1.5/t to $195.1/t.
Read more
International grain markets: maize puts more pressure on grain futures prices
Grain output down around 30%
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