Grain trends picked up slightly this week, having fallen dramatically last week.

On Friday evening 10 March, the French Matif wheat price for December dropped to €260.75/t, down €11.25/t on the week before.

However, by Tuesday evening, that price had picked up somewhat to €267.50/t.

Maize prices also took a tumble at similar levels. The November French maize price closed on Friday at €251.50/t, down from €263/t.

Maize also increased this week. On Tuesday evening, it finished at €256.25/t.

The wait for a decision on whether or not there will be an extension to the Black Sea grain initiative is most likely adding to market volatility.

The agreement on the grain corridor was extended to 19 March previously and it is reported that talks took place this week on an extension.

In the US, dryness has been an issue in some areas recently and while rain came to some parts over recent weeks, dry conditions continue to be a concern for wheat crops.

The United States Department of Agriculture (USDA) published its monthly World Agricultural Supply and Demand Estimates (WASDE) report last week.

Global wheat supplies were estimated to be lower. Corn production is estimated down. However, corn consumption is also estimated to be down.

The UK’s Agriculture and Horticulture Development Board (AHDB) is negative on grain prices for the next six months, citing cheap Russian supplies and rain in the US as some of the reasons behind wheat prices.

Oilseeds

French oilseed rape for November finished at €498.25/t on Friday evening, down a massive €43/t on the week before. By Tuesday evening, it had dropped further to €489.75/t.

The AHDB is also negative on oilseed prices. Australia’s record oilseed crop is pressuring prices and the EU crop is reported to be in good condition.

On soya beans, rain in Argentina helped crops somewhat, while a large crop in Brazil will provide a large supply.

The Rosario Grain Exchange has updated its soya bean crop forecast. It revised its estimate for the crop down to 29 million tonnes (Mt), down from its previous estimate of 33.5Mt.

Native prices

Prices at home are following global trends. Spot prices for barley are now estimated below €270/t.

Maize into the country fell again this week. It has fallen about €15/t in the past three weeks to approximately €285/t.

Tirlán’s grain prices were at €220/t for green feed barley for September this week, while green feed wheat was at €228/t.