Market Prices and News
Global grain prices traded upwards on Friday last week following more uncertainty in the Black Sea region. Prices had declined in the previous days due to strong Russian grain export competition and higher optimism for US corn yields.
MATIF Sep-23 opened at €241.25/t on Tuesday morning of this week, but closed down on Thursday evening at €237.50/t.
Paris rapeseed prices closed on Friday August 4th at €473.25/t (MATIF, Nov-23), the Black Sea conflict provided support to crude oil markets (AHDB). However, prices closed at €461/t on Thursday, down €12.25/t on the week, due to price pressure from palm oil futures.
FOB Creil malting barley closed this week at €317/t, up €15/t on last week, this brings the rolling average for this Boortmalt contract to €279.59/t.
| Commodity | September 2023 Green³ €/T | Nov/Dec 2023 Dried €/T¹ |
| IRL Feed Wheat¹ | 210-215 | 240-245 |
| IRL Feed Barley¹ | 195-200 | 230-233 |
| Paris MATIF Wheat² | – | 246.25 |
| Paris Oilseed Rape² | – | 462 |
| Maize ex. Port | – | 240 |
² Source: Euronext correct as of 11th August 2pm
³ Source: Tirlan
Global Grain Supply and Demand
US maize and soya crop ratings continue to recover, USDA rated corn 57% good/excellent and soybeans 54% good/excellent, down 1% and 5% year-on-year.
Harvest estimates for Brazilian soybeans in 2024 show potential for even higher production than last years record of 157 million tonnes, Stone X have forecast production to reach 163MMT in 23/24.
Strategie Grains have revised EU soft wheat production down to 124.7MMT,down 1.5MMT from the previous month.
Northern European countries are facing delays in harvesting wheat, German Farmers Association DBV announced on Thursday August 3rd that less than 20% of wheat, rye and triticale had been cut. Concerns now exist about milling wheat quality across much of northern mainland Europe.
Conditions in France are considerably better with 89% of soft wheat and 96% of spring barley harvested as of 7th of August according to Agri-Mer.
SovEcon have forecast that Russian wheat exports could rise by 2% to 48.1MMT.
