Global grain markets continued on a downward trend last week.

Matif wheat for May fell by €6.75/t last week, while December wheat fell by €4.75/t to €221/t. That December price had fallen a further €3/t by Tuesday evening.

London wheat fell similarly. The November 2024 price fell by £4.50/t over the week. That price was at £187.25/t on Tuesday evening.

However, the Agriculture and Horticulture Development Board (AHDB) in the UK reported that the EU wheat balance could be tighter year on year in the long term, with planting conditions poor.

Competitive Black Sea grain exports are keeping pressure on markets. Agritel reported that export quota volumes may be increased in Russia as a result of availability.


Maize continues to affect markets as well. There are more positive reports coming on weather for Brazil’s second maize crop.

However, last week, Conab, which is part of Brazil’s agriculture ministry, estimated Brazilian maize production down 3.3% from January’s estimate to 113.69m tonnes.

The Safrinha (or second) maize crop area is estimated down 3.2% on the January estimate to 15.88m hectares. That is down 7.6% on the year.

USDA report

The US Department of Agriculture (USDA) released its World Agricultural Supply and Demand Estimates report last week.

It predicted increased supplies, consumption and trade, but lower ending stocks for global wheat in 2023/2024. Ending stocks for 2023/2024 were projected at 259.4m tonnes. That’s the lowest level since 2015/2016.

Global coarse grain production, such as maize and barley, for 2023/2024 was forecast 3.8m tonnes lower in the February report to 1,510.1m tonnes.

Oilseed rape

On a positive note, oilseed rape prices moved upwards. The November price for French oilseed rape hit €425/t on Friday evening, up €5.50/t on the week.

It moved up further this week and reached €429.75/t on Tuesday evening. A drop in palm oil production may be playing into this.

A record soya bean crop is expected from South America and this may affect oilseed rape prices, but for now they look positive.

Malting barley

The spot FOB Creil malting barley price was at €278/t on Friday evening 9 February. On Tuesday, that was at €268/t.

The price offer of €240/t to Boortmalt suppliers for green barley in harvest 2024 may still be available on 20% of your contract with your merchant.