Grain prices were looking up this week, as a number of factors affected the markets.

Matif wheat for December finished last week at €223/t and by Tuesday evening of this week had reached €229.75/t.

Matif oilseed rape closed last Friday at €455.50/t and on Tuesday evening it had closed at €465.75/t.

US winter wheat condition dropped this week. Fifty percent of the crop is reported to be in good to excellent condition, down 5% on last week.

Sixty-four percent of French soft wheat is reported to be in good or excellent condition. This figure was 93% at this time last year. Ninety-eight percent of French spring barley was reported to be planted.

An attack on a port in Ukraine likely affected markets. Reuters reported that grain storage facilities and agricultural goods were destroyed in southern Odesa.

The European Commission’s crop monitoring report said that warm temperatures in March and April and adequate water supply benefited winter crops in Europe, as well as the emergence of spring crops.

It outlined that the yield potential of crops in northwestern Europe has been negatively affected by “overly wet conditions”.

Favourable weather conditions in Spain and Portugal has led to an increase in the EU yield forecast for durum wheat, spring barley and triticale.

South America

The Rosario Grain Exchange dramatically reduced its maize production estimate from 57m tonnes to 50.5m tonnes since last week as disease hits the crop.

The International Grains Council cut its 2023/2024 global grain production estimate by 3.5m tonnes, mainly due to declines in yield estimates for South America.

It also cut its 2024/2025 global grain production estimate by 10.1m tonnes to 2,322.1m tonnes.

The Agriculture and Horticulture Development Board in the UK noted that US maize production is likely to be down and EU wheat production is estimated down by 1.8m tonnes to 128.7m tonnes.

However, total global grain production is estimated higher by 21.3m tonnes for 2023/2024.

Harvest prices

The Boortmalt price for last week’s contribution to the average price was €259/t (-€10/t of logistics charge).

Tirlán offered green prices this week for harvest 2024. Feed wheat was €196/t, feed barley was at €186/t, beans were at €250/t and oilseed rape was at €425/t.

Looking at spot prices and in the last week, spot wheat and barley were reported at approximately €223/t and €215/t respectively. Maize ex-port was on a par with barley at €215/t.