There was little positivity in grain markets this week and prices offered to farmers reflected this.

European crops were reported to be in good condition, record maize and soya bean crops are due from Brazil and there is no weather factor currently on the horizon that would drive prices upwards.

The latest crop monitoring report from the EU - the MARS Bulletin - forecast increased yields for wheat, barley and rapeseed.

The rain which delayed spring sowing in Ireland also delayed planting in Europe, but may have helped some winter crops.

In the report, spring barley, winter wheat and rapeseed yields were all forecast to rise, while winter barley yield is expected to decrease.

On Friday, Matif wheat for December finished at €247.75/t, down over €7/t in a week. That price had hit €246.50/t on Tuesday evening 25 April.

Generally positive forecasts from the EU on production didn’t add any move to the market, while wheat production is also expected to increase in Canada, the US and Argentina.

On Tuesday’s Agriculture and Horticulture Development Board (AHDB) spring grain market outlook webinar for the UK, it was noted that talk around the Black Sea grain initiative and whether it will be extended will continue to put volatility in the market in the near term.

The deal is set to expire on 18 May.

Oilseeds

French oilseed rape for November finished at €442/t on Tuesday evening. The report at the AHDB conference noted that “the bears outweigh the bulls” on oilseed rape.

A record canola crop is being exported from Australia and the European Commission reported that yields are forecast to increase across much of the EU. See page 6 for further information.

In that conference, commentators said the market is back to fundamentals and weather events impacting on supply.

Analysts also commented that grain stocks are likely to be carried over in the UK and is likely in other countries too.

Native prices

At home, Tirlán offered growers €206/t for green feed barley and €216/t for green feed wheat for harvest 2023. That’s down €6/t since last week for both crops.

Spot wheat and barley prices declined by about €5/t to bring them down to €245/t and €260/t for barley and wheat respectively.

The price averaging system to calculate the Boortmalt harvest price is now under way. It finished at €265/t on 13 and 20 April, meaning the average so far is €265/t. This price is subject to a €10/t charge.