Grain markets in the US saw a lift in prices during Monday’s trade as severe dryness conditions led to the outbreaks of wildfire across some 400,000 acres of grassland plains in Kansas.

Only opening for trade on Tuesday after the bank holiday weekend, European grain markets gained strongly on the tailwinds of the dry weather news from the US. Grain prices were also helped during Tuesday’s trade by a weakening US dollar after dovish comments made by Fed chair Janet Yellen sent the value of the dollar into retreat.

Europe

On the Euronext exchange (MATIF) in Paris, grain prices received a welcome boost on Tuesday as dryness concerns in the US lend support to European grains.

May 2016 delivered wheat gained almost €3/t to finish at €159/t, while May 2017 delivered wheat jumped by over €2/t to settle at €179/t.

European maize (corn) futures extended its five-day winning with June 2016 maize gaining almost €2/t to finish ahead of €157/t, while prices for June 2017 maize also gained €2/t to settle at just under €172/t.

Rapeseed futures from Paris also extended gains with May 2016 delivered rapeseed increasing more than €4/t to finish at €368/t, while May 2017 rapeseed also jumped €4/t to settle just below €363/t.

Chicago

After Monday’s strong start to week, grain prices from the Chicago exchange (CBOT) added further gains for both wheat and maize.

SRW wheat for May 2016 delivery lifted by $2/t to finish at $175/t (€155/t), while May 2017 delivered SRW wheat also increased by $2/t to settle at $194/t (€172/t).

US maize (corn) pricesmade slight gains after a very static few days’ trading. May 2016 delivered maize lifted $1/t to sit at $147/t (€130/t), while maize for May 2017 delivery also increased by $1/t in price to finish just over $158/t (€140/t).