Reports of dry weather conditions in parts of Australia and the Black Sea curbing yields have boosted wheat prices in recent days on both grain exchanges in Paris and Chicago. News agency Reuters has also reported that Russian prime minister Dmitry Medvedev has said this year’s harvest in Russia will reach 100m tonnes, down 5m tonnes compared with last year’s record harvest.

Grain markets have also been boosted by expectations that the US Fed will not increase its interest rate in the near term due to weaker than expected employment figures released last week in the US.

Europe

On the Euronext exchange in Paris (MATIF), grain prices made gains across the board.

Wheat prices in Paris were on an upward curve, despite French wheat sellers losing out on a grain tender from Egypt, the world’s largest wheat importer. GASC, the Egyptian grain authority, ordered 235,000t of wheat from Russia and Ukraine at the weekend ahead of French merchants that were the main sellers in Egypt last year.

Prices for December 2015 wheat gained by almost €1/t to finish over €176/t, while prices for December 2016 wheat were up by €2/t to finish Monday’s trade at €194/t.

Maize prices were steady to improving. November 2015 maize prices increased by €2/t to just below €164/t, while November 2016 maize prices increased marginally to just under €179/t.

Rape prices in Paris continue to improve, particularly 2015 quotes. Prices for November 2015 rape jumped by €5/t to settle at just over €373/t, while November 2016 future rape prices were up by a more modest €2/t to finish just over the €352/t mark.

Chicago

Futures prices from the Chicago exchange (CBOT) also enjoyed some upward momentum.

US wheat prices have been underpinned by the reports of dry weather conditions in Australia and the Black Sea region. Prices for December 2015 SRW wheat were up by $1/t to finish over $189/t (€169/t), while December 2016 SRW wheat prices gained $2/t during Monday’s trade to finish on $202/t (€181/t).

US maize prices remain steady ahead of a USDA grain market report due to be published this Friday. December 2015 maize prices improved by almost $2/t to finish at $155/t (€138/t), while prices for December 2016 maize were also up by $2/t to finish on $163/t (€146/t).