Markets began to improve towards the end of last week, but dropped again this week. The French Matif wheat price for December closed at €238/t on Tuesday evening 9 May.

That price had dropped to €234.50/t on Tuesday 2 May, but recovered over the week to finish at €247.25/t on Friday – that was €7/t higher than the Friday before.

However, that price was back down to €238/t on Tuesday and at the time of going to print was at €236.25/t.

Prices at home reflected last week’s drop. Tirlán offered suppliers €193/t for green feed barley at harvest and €203/t for green feed wheat at harvest on Wednesday 10 May.

These prices have both dropped €5/t from last week when €198/t was offered for green feed barley and €208/t was offered for green feed wheat.

The Agriculture and Horticulture Development Board (AHDB) in the UK was negative on all prices in the coming weeks and months in this week’s report. However, it did report that volatility will continue due to the talk around the Black Sea grain initiative.

Black Sea grain initiative

The initiative is due to expire on 18 May. The UN has reported that almost 29.9 million tonnes of maize, wheat, sunflower oil, meal and other foodstuffs have been exported under the deal.

There were reports that talks would take place this week about the deal. Reuters reported that the UN said outbound inspections of vessels resumed on Tuesday, following no inbound or outbound inspections on Sunday or Monday.

Oilseeds

Oilseed rape gained some ground last week. The Matif price for August finished at €448.50/t on Friday, more than €10/t ahead of the previous week’s close.

However, that price had fallen to €436/t on Wednesday morning. The EU crop outlook is good at present.

US planting ahead

In the US, planting continues at pace. As of the crop progress report on 8 May, corn planting was 7% ahead of the five-year average for the time of year at 49%, while soya bean planting was 14% ahead of the average at 35%.

Winter wheat condition hasn’t changed much with 71% of the crop in very poor to fair condition.

Native prices

Barley is currently at a spot price of €235 to €240/t. November prices for native dry barley and wheat are at around €235/t and €245/t respectively. The Boortmalt average price for Harvest 2023 now stands at €265.25/t and a €10/t charge is due to be taken off this price leaving it at €255.25/t.

See news page 6 for more.