Recently, the monthly global supply and demand report (WASDE) published by the US Department of Agriculture (USDA) has been something of a bad omen for markets. Each time the report has been published over recent months it has raised estimated global stock levels for wheat and corn, sending prices in the wrong direction.

However, the WASDE report for February left global supply and demand estimates unchanged for now, which gave wheat futures prices a lift during Wednesday’s trade in Paris and Chicago.

Europe

On the Euronext exchange (MATIF) in Paris, prices for May 2016 delivered wheat gained almost €1/t to settle at €155/t, while May 2017 delivered wheat increased almost €2/t to finish at €176/t.

European maize (corn) futures also posted gains during Wednesday’s trade in Paris, with June 2016 maize gaining €1/t to settle at €153/t, while prices for June 2017 gained more than €2/t to settle above €172/t.

Rapeseed futures on the Paris exchange were relatively flat. May 2016 delivered rapeseed was steady at €351/t, while May 2017 rapeseed fell slightly below €354/t.

Chicago

On the Chicago exchange (CBOT) in the US, wheat futures posted gains, while maize futures were less positive.

SRW wheat for May 2016 delivery increased by $1/t to finish at $172/t (€157/t), while May 2017 delivered SRW wheat gained marginally to settle below $191/t (€174/t).

US maize (corn) prices eased back slightly during Wednesday’s trade in Chicago, with May 2016 delivered maize back marginally to $142/t (€129/t), while maize for May 2017 delivery was also slightly back to finish at $154/t (€141/t).