Grain Trends: first prices announced as markets improve

The first feed grain prices for harvest 2024 were announced this week.

In a change from the usual, Quinns of Baltinglass got out in front of the co-ops to pin their prices to the board.

The base prices announced were €190/t for feed barley (20% moisture), €200/t for feed wheat (20% moisture), €195/t for feed oats (18% moisture), €210/t for SY Amity spring barley delivered at malting specifications (20% moisture) and €442/t for oilseed rape (9% moisture) - all excluding VAT.

It is important to note the higher price paid for oats is at a lower moisture content, but is still a signal of the stronger demand in the market for the crop this season.

Co-op prices are expected in the coming days. Only time will tell what those prices will be.

There were varying reactions to the grain price announcement this week, but one common theme was that people were happy to finally have a price in the market to start the ball rolling.

Global markets

Meanwhile, global markets recovered from a dip last week, but still remained around the same position they have been in recent weeks until a jump early this week.

On Tuesday, European, UK and US prices all rose significantly. As an example, the French wheat price for December climbed €5/t last week to close at €221/t. On Monday, that price was €222.25/t and on Tuesday 1 October it climbed to €227.50/t.

In the UK, the November wheat price rose £3.90/t to £186.50/t on Tuesday, while the December price for Chicago wheat rose by 13.25c/bu to 597.25c/bu.

The US Department of Agriculture released quarterly stock estimates this week.

Wheat was reported up compared with last year. Corn was also up, but some reports said they were below market expectations, leading to a rise in corn price.

This rise, combined with some weather concerns around winter planting in Europe, may have been playing into the rise.

Oilseed rape

Oilseed rape price also increased this week. On Tuesday, the November price for French oilseed rape was €477.75/t, up €7.75/t in the day. This may be linked to a rise in oil prices.

Native prices

At home, there is still reported to be little trading going on.

Prices are reported at €215/t to €220/t for dried barley and €230/t for dried wheat, but these are indications.

Meanwhile, imported maize is at about €230/t or over and the November price is reported at €225/t.

That’s ahead of barley, which could be a positive, as it will not be a cheap alternative.