On Monday, US grain markets followed results in Europe with futures prices for cereals on both exchanges under downward pressure across the board.

In the US, prices were dampened as key growing regions received much-needed rains, while in Europe, exporters are cuttings prices in order to win tenders from buyers and shift some of this year’s bumper crop.

Europe

On the Euronext exchange, prices for wheat and maize declined during Monday’s trade in Paris. European wheat exporters dropped prices last week in order to undercut Russian offers and win a 240,000t wheat tender from the Egyptian grain authority Gasc.

December 2015 futures prices for wheat fell by €1/t to just below €180/t, while wheat for December 2016 delivery was back by a similar amount to finish at €191/t.

Maize futures were also back. November 2015 maize futures were down a significant €4/t to finish at €161/t, while November 2016 maize fell by almost €2/t to end Monday’s trade at €180/t.

Chicago

On the Chicago exchange (CBOT), cereals were also under downward pressure as much-needed rainfall in drought-hit areas arrived at last.

SRW wheat for December 2015 delivery lost more than $5/t during Monday’s trade to finish at $187/t (€170/t). Futures prices for December 2016 SRW wheat fared little better, declining by $4/t to settle at $198/t (€180/t).

US maize prices also made losses. Futures prices for December 2015 maize were back more than $3/t to end the day at $148/t (€135/t) while December 2016 maize lost $2/t to finish on $158/t (€144/t).