Fundamentals played more of a role in grain markets this week, as weather concerns and demand helped prices.

The US remains a watch point, as there are reports that winter wheat is under pressure in the great plains of Kansas, Nebraska, Texas and Oklahoma, but rain is on the way.

Some big sales of grain are also likely to have helped markets, while oil prices and uncertainty in the Middle East are all factors in the markets at present.

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The Matif wheat price for December took a jump on Tuesday. Having closed at €217.50/t on Monday night, it hit €222.75/t at close on Tuesday 28 April. On Wednesday afternoon, it was at €224.25/t.

Corn was also up, though not by as much, while November oilseed rape jumped to €514.75/t.

The lift in oilseed is an opportunity for Irish growers to take cover. Selling forward a bit could derisk the crop. It’s a good price and opportunity.

EU report

The European Commission has released its April crop monitoring report.

The report noted: “Crop conditions across Europe remain generally favourable as the season progresses, supported by mild temperatures and adequate soil moisture in many regions.

“Winter crops are developing under mostly good conditions, while spring sowing campaigns are advancing across much of the EU.”

There are some rainfall deficits in central, northern and eastern Europe since March, which are causing concern, while there has been excess rainfall in southwestern and parts of eastern Europe.

The report continued: “Weather forecasts indicate continued dry conditions in parts of central Europe and cooler conditions in the east, which may prolong emerging moisture deficits and slow crop development in affected regions.”

Wheat, barley, rye, triticale and rapeseed crops are forecast to yield from 1% to 4% above the five-year average.

Wheat yields were estimated up 1% from last month’s report, while winter barley yield was estimated up 2% and rapeseed yield was estimated up 1% from last month.

US report

In the US, 25% of corn was estimated to be planted as of 26 April, up 6% on the five-year average according to the US Department of Agriculture’s crop progress report.

Meanwhile, 23% of soybeans are estimated to have been planted, up 11% on the five-year average.

A massive 34% of winter wheat is headed across the country, up 9% on the same time last year and 13% on the five-year average.

Some 25% of winter wheat is estimated to be in good condition, with 5% excellent and 35% fair.

Last year, 40% of winter wheat was in good condition at the same time of the year.