Grain prices in Europe moved up slightly in the past week, while US futures fell slightly. The European movement was mainly attributed to the multi-year low output estimate for French maize. Output estimates there continue to be lowered in response to poor growing conditions (wet) in 2016. The low output level is a consequence of low yield and reduced area.
Meanwhile, recent weather conditions are generating some concern in the markets. There are concerns for crops in the ground in Europe resulting from a lack of hardening off ahead of winter frosts, but so far this is merely a fear.
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A substantial drop in temperatures across parts of the US is giving rise to concerns about the potential for frost damage. This is especially the case where snow covers are thin and frost kill is possible. Again, this remains a potential rather than a definite concern for grain markets.
Rape futures rose again last week as global vegetable oil supplies continue to be tight. This is being driven by reduced production estimates for the major oil crops and rape prices are benefiting. New-crop rape could now make €400/t dry for November.
Native grain prices have a slightly firmer tone as users move to secure supplies. Spot wheat is about €170/t, with barley at €158/t. March/May wheat is put around €173/t, with barley at €160/t. November wheat is put at €170/t, with barley at €160/t. Earlier this week, Glanbia offered €170/t for wheat for November and €159/t for barley.
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Grain prices in Europe moved up slightly in the past week, while US futures fell slightly. The European movement was mainly attributed to the multi-year low output estimate for French maize. Output estimates there continue to be lowered in response to poor growing conditions (wet) in 2016. The low output level is a consequence of low yield and reduced area.
Meanwhile, recent weather conditions are generating some concern in the markets. There are concerns for crops in the ground in Europe resulting from a lack of hardening off ahead of winter frosts, but so far this is merely a fear.
A substantial drop in temperatures across parts of the US is giving rise to concerns about the potential for frost damage. This is especially the case where snow covers are thin and frost kill is possible. Again, this remains a potential rather than a definite concern for grain markets.
Rape futures rose again last week as global vegetable oil supplies continue to be tight. This is being driven by reduced production estimates for the major oil crops and rape prices are benefiting. New-crop rape could now make €400/t dry for November.
Native grain prices have a slightly firmer tone as users move to secure supplies. Spot wheat is about €170/t, with barley at €158/t. March/May wheat is put around €173/t, with barley at €160/t. November wheat is put at €170/t, with barley at €160/t. Earlier this week, Glanbia offered €170/t for wheat for November and €159/t for barley.
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