The United States Department of Agriculture (USDA) World Agricultural Supply and Demand Estimates (WASDE) report this week said the global wheat outlook for 2022/2023 is for increased supplies, higher consumption and reduced trade and stocks.

That line pretty much sums up grain markets at present.

Nearby wheat in Europe dropped €9/t last week, while new crop is following a similar trend.

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French wheat for December fell €8/t last week, but remained steady this week at €255.25/t at close of business on Tuesday 11 April.

Little demand

There is little demand in the market and, at present, crops in general look good.

There are no major weather concerns in Europe, while, in the US, wheat is being affected by lack of rain.

On 10 April, 73% of US winter wheat was reported to be in fair, poor or very poor condition.

Maize is always a crop to watch and a big crop in Brazil and a rise in corn plantings in the US suggest large supplies, so we will keep a close eye on weather and planting progress across the Atlantic.

Only 3% of maize is planted in the US so far and that planting season will continue for a number of weeks.

Hot weather continues to affect crops in Argentina and the WASDE report also suggested lower maize production as a result.

Oilseeds

French oilseed rape took a drop on Wednesday last week.

The November price closed €20.50/t lower than the previous evening, dropping from €478.50/t to €458/t, but recovered on Thursday to €465.25/t and at close of business on Tuesday 11 April was at €464.25/t.

At the time of going to print, the same price was down €15/t on the day before to €449.25/t. It looks like some with stock may be moving it on.

There is no great sign of positivity in oilseed markets at present.

Some of the record crop from Australia has made its way to Europe, while crops in general look good on the continent and, as stated last week, European production is estimated to be up by 7%.

Native prices

Spot prices for barley and wheat at home look similar to the last few weeks. Barley is at around €250/t and wheat is trading under €270/t, while imported prices are looking competitive against it.

Co-op prices for green barley at harvest are at around €212/t, while an offer of €222/t was made for green wheat. Spot barley delivered to Belfast was reported at £226/t, while wheat was at £245/t last week.