Grain traders, particularly in Europe, remain nervous this week following the decision by the Egyptian grain authority to reject a 63,000t cargo of French wheat. European grain futures softened on Wednesday as the focus of the market is now firmly on the next move by Egypt, especially as it is the world’s largest wheat importer. In the US, the weakening of the US dollar boosted wheat prices.

Europe

On the Euronext exchange (MATIF) in Paris, prices for May 2016 delivered wheat were down marginally to finish below €166/t, while May 2017 delivered wheat was also down marginally to end Wednesday’s trade just over €181/t.

European maize (corn) futures from Paris were mixed, with June 2016 maize down slightly to settle at €160/t while prices for June 2017 delivered maize gained €1/t to finish below the €175/t mark.

Rapeseed futures were in retreat during Wednesday’s session in Paris. May 2016 delivered rapeseed lost almost €5/t to finish at €363/t, while May 2017 rapeseed fell by almost €3/t to finish below €359/t.

Chicago

On the Chicago exchange (CBOT) cereal futures were helped by the weakening dollar.

SRW wheat for May 2016 delivery gained almost $2/t to settle below $178/t (€159/t), while May 2017 delivered SRW wheat increased by $1/t to finish just below $193/t (€172/t).

US maize (corn) prices were softer, with May 2016 delivered maize edging back slightly to $148/t (€132/t), while maize for May 2017 delivery was also back slightly to finish at $160/t (€143/t).