Global stock markets were in disarray on Wednesday as fears over the health of the world economy and the continued decline of Brent crude oil prices that are yet to find a floor sent investors into a panic.

Equity markets in Asia, Europe and New York all recorded big losses on Wednesday, with the FTSE 100 in London entering bear market territory. The contagion from the volatility in equity markets spread and international grain markets were not immune, with prices down in Europe and the US.

Europe

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In Paris, grain prices from the Euronext exchange (MATIF) were on a negative trend after a steady start to the week.

Wheat for May 2016 delivery lost €3/t during trade on Wednesday to settle at €168/t, while May 2017 delivered wheat declined by €1/t to finish below €184/t.

Maize (corn) futures in Paris were also affected, with June 2016 maize down more than €2/t to finish at €162/t, while June 2017 maize lost almost €6/t to settle at €167/t.

Rapeseed futures continue to fall, which correlates with energy and oil markets. May 2016 delivered rapeseed lost almost €4/t to finish at €358/t, while May 2017 rapeseed dropped by more than €2/t to finish Wednesday’s session in Paris at €355/t.

Chicago

The grain market in Chicago (CBOT) was no different, with prices in retreat, although maize futures held their own better than most other cereals.

SRW wheat for May 2016 delivery was down more than $1/t to settle below $175/t (€161/t), while May 2017 delivered SRW wheat fell by more than $3/t to finish below $189/t (€174/t).

US maize (corn) prices held their own in the face of the bearish market outlook from markets yesterday. May 2016 delivered maize inched slightly higher to $147/t (€136/t), while maize for May 2017 delivery was relatively flat, hovering below the $160/t (€147/t) mark.