Grain prices have been on a downward trend for the past few weeks and that trend continued this week.
Matif wheat for December closed last Friday 8 September at €236.25/t. By Tuesday 12 September, that price had fallen to €232/t - the lowest price reported since the beginning of June.
Reports suggest that competitive Russian wheat supplies are weighing in on the market.
The Agriculture and Horticulture Development Board in the UK reported last week: “The price of 12.5% protein Russian wheat scheduled for free-on-board (FOB) October delivery was $240/t, compared to $245/t a week earlier (IKAR).”
The World Agricultural Supply and Demand Estimates (WASDE) report came out on Tuesday. Global wheat supplies were revised down. Production is reduced in the EU, Canada, Australia and Argentina and the report placed world wheat stocks for 2023/2024, down 7 million tonnes.
However, world maize stocks were up in this month’s report and are reported to be the highest in five years. These big supplies are unlikely to allow for massive jumps in wheat or barley prices.
Maize prices are also dropping at present.
The November French price fell by €2.75/t from Friday to Tuesday this week.
Oilseed rape price falls
Oilseed rape dropped dramatically last week. On Friday 8 September, the Matif price for November had dropped €24.50/t over the week. By Tuesday evening 12 September, it had fallen another €18.50/t – a total drop of €43/t.
Many Irish growers now have crops in the ground and are looking at forward selling if they have not already done so.
The Matif price for November 2024 also dropped, but at lower levels. It fell by €25.75/t in the same period.
Oilseed rape prices look to be following the trend of other oilseed markets as has been the case in recent weeks.
The US soyabean crop is something to watch here to see how weather is impacting the crop. The crop condition report this week did not show any big changes. The WASDE forecast lower soyabean production with increased area offset by lower yields.
At home, markets are reported to be quiet, with grain tight in stores after harvest and no one is jumping to buy or sell.
Wheat and barley prices remain similar to last week, with dry barley at €225/t and dry wheat at €235/t.
The malting barley harvest price for Boortmalt suppliers currently stands at €284.59/t. It’s based on the average Free-On-Board Creil price on Wednesday each week from mid-April to mid-September.