Russian analytics firm Sovecon cut its estimate of 2020/21 Russian wheat exports by 200t, to 38.9Mt.
The first US Department of Agriculture (USDA) crop planting report of the year was released this week, showing that 2% of the country’s anticipated maize area had been planted.
The 2021 US maize area is expected to reach 36.9 million ha (Mha), 2.2% below trade expectations. In addition, US stocks of maize at the beginning of March sat at 195.6 million tonne (Mt), 1.7Mt tighter than trade expectations.
As a result, global grain markets ended strong last week. The bullish signals for maize were enough to outweigh the bearish wheat news.
Elsewhere, Russian analytics firm Sovecon cut its estimate of 2020/21 Russian wheat exports by 200tonnes, to 38.9Mt.
Native
Native prices are broadly similar to last week after easing due to weakening futures sentiment.
A relatively kind spring so far has dampened demand and with old-crop prices still holding strong, physical sales and movement of grain is minimal.
Native wheat is in the region of around €240/t, with barley around €220/t.
Imported maize has strengthened on last week to €255/t. New-crop wheat is currently put around €200 to €203/t, with barley at €195/t.
Malting barley
The FOB Creil July 2021 malting barley price is trading above €210/t.
However, with China requiring 3.5mt of malting barley this season and Australia still out of the picture, there is scope for the market to remain robust throughout the season, according to the IFA.
The pricing tracker for those supplying Boortmalt will kick in on 15 April and will run until 23 September.
The first US Department of Agriculture (USDA) crop planting report of the year was released this week, showing that 2% of the country’s anticipated maize area had been planted.
The 2021 US maize area is expected to reach 36.9 million ha (Mha), 2.2% below trade expectations. In addition, US stocks of maize at the beginning of March sat at 195.6 million tonne (Mt), 1.7Mt tighter than trade expectations.
As a result, global grain markets ended strong last week. The bullish signals for maize were enough to outweigh the bearish wheat news.
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