Grain Trends: no major movements in markets

There haven’t been any major moves in grain markets this week. Oilseed rape prices are looking positive at present.

Siobhán Walsh

13 November 2024

Grain Trends: no major movements in markets

Discussing grain markets at Tillage Day, supported by the Irish Seed Trade Association, were Irish Farmers Journal editor Jack Kennedy; James Nolan, R&H Hall; Donal Moloney, Tirlán; Rory Deverell, Black Silo Grain and Meath farmer David Hobson. \ Claire Nash

French and UK wheat prices fell last week, while US prices increased. On Wednesday morning, wheat prices were down slightly across French, UK and US markets.The United States Department of Agriculture (USDA) released its World Agricultural Supply and Demand Estimates (WASDE) report last Friday.

French and UK wheat prices fell last week, while US prices increased. On Wednesday morning, wheat prices were down slightly across French, UK and US markets.

The United States Department of Agriculture (USDA) released its World Agricultural Supply and Demand Estimates (WASDE) report last Friday.

It forecast larger supplies and consumption and reduced trade for the global wheat market. The coarse grain market, which includes maize and barley, was forecast to have larger production and lower trade compared with last month.

Oilseed rape

Oilseed rape prices remain strong. The French oilseed rape price for February climbed 22.25c/t last week to close at €536.50/t on Friday. On Wednesday morning that price was at €535.50/t.

Dairygold offered farmers a green price of €450/t for harvest 2025 this week. That’s up €5/t on the price the week previous.

Oilseed rape prices often follow soybean prices. Donald Trump’s election last week could see tariffs raised on Chinese goods to the US and fears of a trade war. The US supplies a lot of soybeans to China. In the WASDE report, global soybean production was lowered 3.5m tonnes.

At last week’s Tillage Day, James Nolan of R&H Hall commented that US exports to China are currently at a low base. See more in news pages 26-27.

Meanwhile, planting of soybeans is progressing well in South America. Rising palm oil prices may also be supporting oilseed rape prices.

Tillage Day take-homes

At Tillage Day, the clear message was that farmers need to have their crop production costs calculated and know what price that they can make a profit at.

This will give people confidence if they want to forward sell grain during the year.

Prices have been relatively high at harvest in recent years. However, Rory Deverell of Black-Silo Grain cautioned farmers that: “It [the price] might be higher at harvest. It probably won’t.” He urged farmers to look at ways of managing price risk on their farms.

Native prices

Spot prices for native barley and wheat look to have gone up this week, with reports of barley at €220 to €225/t and wheat at €235 to €240/t. Maize ex-port is reported at around €240/t, while soya ex-port is at €390/t. All prices are dried unless otherwise stated.

Share your grain prices for harvest 2024 to tillagenews@farmersjournal.ie and include as much information as possible including base price, transport allowance, trading bonuses and moisture deductions or bonuses where possible.