Wheat prices fell over the past week, while rapeseed found support from fears of weather impacting negatively on US soybeans.
The ProFarmer crop tour is currently under way in the US. Scouts are examining crop condition and all eyes will be on corn as hot weather comes to the US this week.
Maize supplies are high and will likely keep wheat prices from moving up significantly.
This week, there were reports that Ukraine may use a new Black Sea export corridor to get grain moving.
On Friday 18 August, the French wheat price for December finished at €242.75/t, down €5.25/t on the week before. On Tuesday, it had fallen further to €240.25/t.
The hot weather forecast for the US would most likely negatively impact soya beans and this looks to be lifting oilseed markets.
On Friday, Matif oilseed rape closed at €474.50/t, some €18.25/t ahead of the previous week’s close.
However, as reports fed in from the crop tour, soya bean and oilseed prices started to drop again.
Soya bean yields were above the five-year average in the first states sampled.
On Tuesday, Matif oilseed rape for November was at €465.25/t. Maize too was looking good and prices fell in the US and France this week.
EU crop report
The European Commission published its crop report on Monday. It described the EU crop outlook as mediocre.
Overall, the report showed little change to the total crop production figures published in July.
However, spring barley yield was forecast down 1% from the July report and is forecast down 14% from the five-year average.
Malting barley continues to disappoint farmers at the weighbridge, as it fails to meet specifications for most at this stage.
The Boortmalt harvest price is now averaging at €271.53/t, after the €10/t charge is taken off.
Malting barley is trading more than €100/t over feed barley in France at present, as quality across the continent has been affected by weather.
At home, some co-ops and merchants are paying tillage farmers on account and will top up this payment once harvest prices are settled.
In the meantime, reports are of little to no movement in the Irish market.
Spot prices remain unchanged from last week at about €240/t for wheat.
New-crop maize remains at €235/t, which is getting close to the price for November barley and is a space to watch.