Grain National Council Report February 2024

Grain Prices  

Dried grain prices have slipped throughout the month of January. Dried wheat prices are now making between €225-230/t down €10-15/t on prices reported in November and December. Dried barley prices are €10/t lower than dried wheat according to reports. For new crop wheat and barley (harvest 2024), Tirlan recently offered prices of €197/t and €187/t respectively. Grain prices have fallen internationally due to weaker demand and price pressure due to competitive wheat exports from Russia. In the period July 1^st to January 19^th 2024, EU wheat exports are down 7.6% on the same period last season (source: AHDB) which highlights the weaker demand sentiment.  

Large global crops of maize are forecast which increases competition in the feed grain market. The USDA recently announced that global maize ending stocks were the highest in six years, large incoming crops in Brazil and Argentina will potentially further exacerbate this.  

Oilseed rape prices have remained steady in recent weeks than cereal prices. Paris MATIF rapeseed for August 2024 is trading in a range of €420-425/t.  

Activity Since Last National Council 

• A Malting Barley Committee meeting was held in Carlow on January 5^th.  
• The National Grain Chairman and Grain Policy Executive met with the Irish Seed Trade Association (ISTA) to discuss seed supply and availability for the coming the spring. 
• A National Grain Committee meeting was held in the Farm Centre on January 23^rd.  
• The National Grain and Grain Vice Chair met with DAFM officials from the Crop Policy Division on January 30^th to discuss issues in the tillage sector at present. 

Future Events 

• The National Grain Chairman will attend the Copa Cogeca Cereals and Oilseeds Working Party in Brussels on March 6^th .  
• Meetings are planned with both representatives from Boortmalt and malting barley merchants in February to discuss issues within the malting barley supply chain.  
• A National Grain Committee meeting will be held on Thursday March 28^th in the Farm Centre.  

EU Developments  

• MEP’s in the European Parliament’s Environment Committee approved proposed rules for New Genomic Techniques (NGT’s) by 47 votes to 31.This comes ahead of the plenary vote on the NGT proposal scheduled for February 5^th – 8^th.  
• A derogation from GAEC 8 has been announced by the European Commission for 2024. GAEC 8 standard requires, among other things, devoting a minimum 4 % share of arable land to non-productive areas or features. For 2024, farmers growing nitrogen fixing crops (such as lentils, peas, or favas) and/or catch crops on 7% of arable land will enable them to qualify under GAEC 8. The crops are to be grown without plant protection products.