Grain markets continued their recent spell of low movement this week. It looks to be coming down to basics, with plenty of supply in the market and not enough demand to push prices up.
Matif wheat prices fell slightly last week. The December 2024 price went from €235.75/t to €233.50/t on Friday 24 November. On Wednesday afternoon, that price was at €232.25/t.
Reuters reported that cargoes of French wheat due to be loaded to go to China in December have been postponed to March.
Oilseed rape prices remained steady last week and increased slightly this week. French oilseed rape for November was at €452.50/t on Wednesday afternoon 29 November, up from €449.50/t, where it closed the previous week on 24 November. This caused prices to go to two-year lows.
The December 2023 contract is due to close soon, so is likely to drop anyway, but fell by €7.75/t last week to €219/t and hit €215/t on Tuesday before gaining €3/t on Wednesday (29 November) to hit €218/t.
The European Commission released its crop monitoring report on Monday 27 November.
A rain surplus was reported in many parts, which the report says hampered the sugar beet and potato harvest in Belgium and the Netherlands. It also said that there was flooding in central Italy and, in southern Ireland, resowing may be required.
Dry weather is reported to have delayed sowing and caused poor sprouting and emergence in Spain, southern Italy, eastern Romania and Bulgaria.
Oilseed rape planting is complete. According to the report: “Plants are expected to be in good condition in the main producing regions of Germany, France and Poland.”
However, wet weather in the north and dry weather in the southeast is causing concern.
Soya bean prices continue to be affected by weather in Brazil. Soya ex-port is priced at about €610/t coming into Ireland at present. That’s up from €500/t in early October and up from €600/t in early November.
Barley and wheat
At home prices for wheat and barley are reported as fairly steady. February prices for native barley are at around €227/t and wheat is at about €236/t.
Looking at feed barley prices in France and barley delivered Rouen (July basis) dropped this week to €190/t, following slight drops in recent weeks.
The Free-On-Board malting barley price (July basis) was at €294/t this week.
All prices in this article are dried prices.