There were wild swings in markets on Thursday as the ECB announced a further cut in interest rates and an intensified bond purchasing programme for the next 12 months.

European policy makers have been hoping the latest stimulus announcement would make the Euro more competitive once again to spur Eurozone growth. And at first the single currency did begin to weaken, falling by 1.5% to a more competitive $1.08 against the US dollar.

However, once ECB president Mario Draghi finished his press conference later in the day markets began to swing in opposite directions with the euro currency climbing to its highest position against the US dollar in over a month at $1.11. The shifting currency rates had an impact on grain markets with US wheat prices making some gains while in Europe there were marginal losses.

Europe

On the Euronext exchange (MATIF) in Paris, prices for May 2016 delivered wheat eased back slightly to €154/t, while May 2017 delivered wheat was also down about €1/t to finish at €175/t.

European maize (corn) futures also posted losses during Thursday’s trade in Paris with June 2016 maize back more than €1/t to settle below €152/t, while prices for June 2017 maize lost over €2/t to settle under €171/t.

Rapeseed futures on the Paris exchange were also back. May 2016 delivered rapeseed was down slightly to €350/t, while May 2017 rapeseed was steady at €354/t.

Chicago

On the Chicago exchange (CBOT) in the US, wheat futures posted decent gains for the third consecutive session this week while maize futures also showed improvement.

SRW wheat for May 2016 delivery increased by over $3/t to finish at $175/t (€158/t), while May 2017 delivered SRW wheat also gained $3/t to settle below $194/t (€174/t).

US maize (corn) prices also saw a lift during Thursday’s trade in Chicago with May 2016 delivered maize gaining $1/t to settle below $143/t (€128/t), while maize for May 2017 delivery also increased $1/t to finish at $155/t (€140/t).