Markets were in the green this week as they began to increase slightly over the past few days.

On Friday 3 February, Matif wheat for December was at €273.75/t. This price had increased to €279/t on Wednesday afternoon.

Increased demand was thought to be some of the reason for the increase, as some big tenders and sales of 50,000t and higher were issued and made in the market.

The US dollar was also strengthening this week, as €1 equalled $1.08 on Wednesday morning. This was also playing into markets.

Buyers are also taking into account the fact that the Ukrainian grain corridor may not be renewed in March.

Oilseed rape for November was also up. It closed last Friday at €544.50/t and made it to €552/t by Wednesday morning.

The Agriculture and Horticulture Development Board (AHDB) reported that rapeseed prices were following the upward trend in palm oil markets.

French maize took a similar path. The November price was at €268.50/t on Friday and rose to €273/t by Wednesday afternoon.

The AHDB also reported that it was neutral on cereal prices for the coming months, while it has a negative outlook for oilseeds and soya beans.

The next World Agricultural Supply and Demand Estimates (WASDE) report was due out on Wednesday evening 8 February.

The report is expected to estimate Argentina’s maize production downwards.

However, StoneX has estimated that the Brazilian maize crop will be up by 12% in 2022/2023.

Keep an eye on maize

Maize price is something that we often see affecting grain prices here in Ireland.

When maize price is below wheat and barley, buyers switch to buy the cheaper product.

Reuters reported this week that US farmers will plant a big corn crop this year.

The US is a huge exporter of corn, so a large crop could ease pressure in markets.

Reuters listed a decline in fertiliser prices last autumn as one of the reasons farmers will stick with the crop. The area planted is something to keep an eye on.

Native prices

At home, spot barley is at over €270/t in some cases, while the November price is €10/t under this.

The gap is widening between spot wheat and barley, with about €20/t in the difference in some cases. The prices above are dried prices.

Tirlán sent out price offers to farmers this week. This week’s offer saw green wheat for September 2023 at €230/t and green barley at €220/t.