Grain futures from the Paris and Chicago exchanges ended last week on a loss with prices across the board in retreat during Friday’s trade. The value of the US dollar has weakened over the last week which should in theory help boost grain prices. However, this is yet to materialise and prices softened throughout last week.

The saga over exporting wheat to Egypt is likely to continue this week after the Egyptian grain authority scrapped its second wheat tender in a week on Friday after only four offers were made from grain exporters. It is likely that the stand-off will only add to the volatility in the market, especially in Europe.

Europe

On the Euronext exchange (MATIF) in Paris, prices for May 2016 delivered wheat lost almost €2/t to finish at €163/t, while May 2017 delivered wheat was down €1/t to end Friday’s trade at €180/t.

European maize (corn) futures from Paris were in retreat for the fifth consecutive trade. June 2016 maize was back by more than €2/t to settle below €157/t, while prices for June 2017 delivered maize lost €2/t to settle below the €172/t mark.

Rapeseed futures were also under downward pressure with massive losses for 2017 crop futures. May 2016 delivered rapeseed was back more than €3/t to finish at €359/t, while May 2017 rapeseed futures plunged by almost €10/t to finish the week at €351/t.

Chicago

On the Chicago exchange (CBOT), cereal futures extended losses for the third consecutive day’s trading having felt no benefit from the weakened US dollar.

SRW wheat for May 2016 delivery lost more than $2/t to settle at $173/t (€155/t), while May 2017 delivered SRW wheat was down almost $2/t to finish on $190/t (€170/t).

US maize (corn) prices also continued to rack up losses, with May 2016 delivered maize falling back $1/t to end the day at $146/t (€131/t), while maize for May 2017 delivery also lost $1/t to finish at below $159/t (€142/t).