Grain prices: harvest pressure begins to lean on prices
Harvesting is now under way in many parts of the world and it seems likely that cheap imports will be a factor in prices for the short- to medium-term.
Barley harvesting is now well under way in parts of Europe and wheat harvesting is also happening.
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International grain prices weakened again last week, with no news to support prices, but lots of news to pressure them. The US situation continues to be a significant driver of sentiment and volatility, but good harvest reports from wheat there are also acting to depress price sentiment.
European markets have also weakened as a consequence. French MATIF milling wheat settled at €173/t on Tuesday night last, down from €183 the previous Friday. This is partly helped by what appears to be improving prospects from the French wheat harvest, which is now under way. The price fall also includes an element of harvest pressure, which is only likely to intensify for the next two months or so.
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Rape markets remain volatile also, but tightness of supply in Europe is helping demand somewhat. Dry price offers for new-crop are around €365/t. Old crop markets are now rapidly merging into new-crop and it would appear that carryover stocks of barley are now much lower than were feared a few months ago. That is some help to new-crop prices, but the harvest is now with us, as is harvest pressure.
Old-crop wheat is virtually all sold at this point, but any remaining stock may find €192/t difficult to secure. Spot barley is holding closer to €170/t.
November prices have been hit by the international price drop, with wheat now back to €182-€183/t and barley in the €172 to €175/t bracket.
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International grain prices weakened again last week, with no news to support prices, but lots of news to pressure them. The US situation continues to be a significant driver of sentiment and volatility, but good harvest reports from wheat there are also acting to depress price sentiment.
European markets have also weakened as a consequence. French MATIF milling wheat settled at €173/t on Tuesday night last, down from €183 the previous Friday. This is partly helped by what appears to be improving prospects from the French wheat harvest, which is now under way. The price fall also includes an element of harvest pressure, which is only likely to intensify for the next two months or so.
Rape markets remain volatile also, but tightness of supply in Europe is helping demand somewhat. Dry price offers for new-crop are around €365/t. Old crop markets are now rapidly merging into new-crop and it would appear that carryover stocks of barley are now much lower than were feared a few months ago. That is some help to new-crop prices, but the harvest is now with us, as is harvest pressure.
Old-crop wheat is virtually all sold at this point, but any remaining stock may find €192/t difficult to secure. Spot barley is holding closer to €170/t.
November prices have been hit by the international price drop, with wheat now back to €182-€183/t and barley in the €172 to €175/t bracket.
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