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.