Wheat and barley prices post-harvest are now being supported by reduced maize production estimates.
ADVERTISEMENT
A reduction in the estimated maize yield in the US gave some slight support to international grain prices over the past week. Last Thursday’s WASDE report lowered the US maize yield estimate for 2019 from 169.5 bushels per acre (bu/ac) in its previous report to 168.2 bu/ac in September.
This is a mere 0.033t/ac reduction in yield, but it turns into 2.75 Mt across the estimated 82 million acres of maize to be harvested there.
ADVERTISEMENT
However, while planted acres and the area to be harvested remain unchanged, the overall impact on price there was offset by lower consumption numbers for both old- and new-crop.
Nonetheless, it has changed the overall market sentiment from negative or bearish to neutral for wheat and maize, but barley remains on the bearish side for the time being. The WASDE report contained no changes for wheat, but it benefited from the recent report from Australia and the slight change in maize outlook, which is added to by tightening maize output numbers from central Europe.
Oilseed rape prices continue to strengthen on the back of tight supplies in the EU and concern about production numbers in Australia due to dryness concerns.
While nearby native prices are still subject to harvest pressure, there is some improvement this week. Prices for November are now either side of €175/t, with barley maintaining a €10 gap at €165/t.
Register for free to read this story and our free stories.
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
A reduction in the estimated maize yield in the US gave some slight support to international grain prices over the past week. Last Thursday’s WASDE report lowered the US maize yield estimate for 2019 from 169.5 bushels per acre (bu/ac) in its previous report to 168.2 bu/ac in September.
This is a mere 0.033t/ac reduction in yield, but it turns into 2.75 Mt across the estimated 82 million acres of maize to be harvested there.
However, while planted acres and the area to be harvested remain unchanged, the overall impact on price there was offset by lower consumption numbers for both old- and new-crop.
Nonetheless, it has changed the overall market sentiment from negative or bearish to neutral for wheat and maize, but barley remains on the bearish side for the time being. The WASDE report contained no changes for wheat, but it benefited from the recent report from Australia and the slight change in maize outlook, which is added to by tightening maize output numbers from central Europe.
Oilseed rape prices continue to strengthen on the back of tight supplies in the EU and concern about production numbers in Australia due to dryness concerns.
While nearby native prices are still subject to harvest pressure, there is some improvement this week. Prices for November are now either side of €175/t, with barley maintaining a €10 gap at €165/t.
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS