| Commodity | Nov/Dec 2024 Dried €/T1 |
| IRL Feed Wheat¹ | 230 |
| IRL Feed Barley¹ | 215-220 |
| Paris MATIF Wheat² | 222.25 |
| Paris Oilseed Rape | 480 |
| Maize ex. Port | 215-220 |
² Source: Euronext correct as of 26.09.24 12pm
Market Prices and News
MATIF wheat futures for Dec-24 fell by €9/t to close at €216 in the week up Friday, September 20th and this was largely attributed to easing tensions in the Black Sea region.
Export progress of Russian wheat is also reported as advanced in September which weighed on the market (AHDB). Competitive tenders for Russian wheat exports have continually weighed on the market for the past number of months.
Dry weather in the midwestern US for maize/soya crops has been a watchpoint, however, harvest is progressing or imminent and dry conditions at this late stage are unlikely to have a significant impact on yields. The USDA reported this week that maize harvest is 14% complete which is ahead of the 5-year average.
Markets saw increases yesterday (Monday 23rd) as concerns grew over the size and progress of the Russian harvest in the Urals and Siberia.
No native price offers have been issued by merchants and co-ops. The first price announcements for green grain are expected within 10 days.
Meetings between the IFA Grain Committee and co-operatives Tirlan and Dairygold have been organised for this week.
Prices for native dried wheat into November/December remain largely unchanged in recent weeks at €230/t for wheat with barley between €215-220/t.
Rapeseed prices strengthened last week. Paris rapeseed gained €6.25/t in the week up to the 20th September and has climbed significantly this week to €480/t at the time of writing. A rise in Chicago soybean futures, moderate Canadian rapeseed yields and strong Chinese oilseed demand are the key drivers of this increase.
For Boortmalt suppliers, the malting barley price is now settled with €247.69/t for brewing and €257.69/t for distilling, both prices are at 20% moisture.
Global Grain Supply and Demand
The International Grains Council has published September estimates for production in the 2024/25 marketing year.
Global wheat output is forecast up slightly as better yields outweigh a drop in area but the decline in available EU export quantities is noted as significant.
World barley production is expected to increase due to higher yields outweighing a decline in planted area, most of the increase is as a result of higher forecast yields in Australia following beneficial rain.
Soybean production is forecast at a new record peak of 419MMT
Attention on wheat supplies for the 2025 harvest will focus on planting progress in key producers around the word. Russian wheat planting progress will remain a watchpoint.
