Estimates of maize supply and availability continue to undermine grain markets but prospects for wheat production seem to be improving also.
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International grain markets weakened again last week following continuous news of stock build-up from global supply pressure.
However, there are some concerns for new crop production as weather events generate worries.
That said, production forecasts for Russia suggest a wheat crop at 83.4Mt on the back of good soil moisture but there are fears that little rain in the weeks ahead could prove negative. EU prospects are also now seen as better despite earlier dry conditions. And conditions for wheat in the US have also improved.
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The situation for maize is not that different despite the recent flooding and rainfall issues in the US. Planting there is now ahead of last year according to the latest AHDB report but rain may continue to disrupt planting in the northern states. Meanwhile, maize harvesting continues in Argentina with harvested crops performing above expectations and the Brazilian Safrinha crop is said to be developing well.
On top of these issues, the pig kill in China is leading to fears of reduced demand for feed and imports there, suppressing soya prices further.
Native prices remain slow and difficult but broadly similar to last week. Spot wheat is around €205-€206/t with barley around €182 to €188/t. However, some recent sales of both crops have been much lower. November prices remain similar, with wheat around €182-€184/t and barley around €172 to €174/t.
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International grain markets weakened again last week following continuous news of stock build-up from global supply pressure.
However, there are some concerns for new crop production as weather events generate worries.
That said, production forecasts for Russia suggest a wheat crop at 83.4Mt on the back of good soil moisture but there are fears that little rain in the weeks ahead could prove negative. EU prospects are also now seen as better despite earlier dry conditions. And conditions for wheat in the US have also improved.
The situation for maize is not that different despite the recent flooding and rainfall issues in the US. Planting there is now ahead of last year according to the latest AHDB report but rain may continue to disrupt planting in the northern states. Meanwhile, maize harvesting continues in Argentina with harvested crops performing above expectations and the Brazilian Safrinha crop is said to be developing well.
On top of these issues, the pig kill in China is leading to fears of reduced demand for feed and imports there, suppressing soya prices further.
Native prices remain slow and difficult but broadly similar to last week. Spot wheat is around €205-€206/t with barley around €182 to €188/t. However, some recent sales of both crops have been much lower. November prices remain similar, with wheat around €182-€184/t and barley around €172 to €174/t.
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