The shifting price of oil coupled with fears over the health of the Chinese economy have plagued global equity markets so far this year. However, international grain markets have proven resilient to the volatility this week, as weather and supply concerns help underpin prices.

The increasing prospect of the Russian agriculture ministry implementing an export tariff in order to keep more food in the country is creating supply concerns and boosting futures prices for wheat.

Europe

On the Euronext exchange (MATIF) in Paris, wheat for May 2016 delivery gained almost €2/t to settle just below €174/t, while wheat for May 2017 delivery improved by €1/t to finish below €187/t.

Maize (corn) futures in Paris also enjoyed some gains, with June 2016 maize gaining €1/t to finish at €165/t, while prices for June 2017 delivered maize inched below €177/t.

Rapeseed futures showed some slight improvements. May 2016 delivered rapeseed gained marginally to settle at €364/t, while May 2017 rapeseed improved by almost €3/t to finish at €360/t.

Chicago

Grain prices from the Chicago exchange (CBOT) continued to extend gains this week.

SRW wheat for May 2016 delivery gained more than $1/t to settle below $180/t (€166/t), while May 2017 delivered SRW wheat was also up by $1/t to finish at more than $195/t (€180/t).

US maize (corn) prices were steady despite some suggestions of an increase in corn plantings for the year ahead. May 2016 delivered maize was flat for the third session in a row at $147/t (€136/t), while maize for May 2017 delivery increased by $2/t to end Wednesday’s trade in Chicago at $160/t (€147/t).