| Commodity | September 2024 Green €/T | Nov/Dec 2024 Dried €/T |
| IRL Feed Wheat¹ | 209 | 243-245 |
| IRL Feed Barley¹ | 190 | 225 |
| Paris MATIF Wheat² | – | 248.75 |
| Oilseed Rape | 437 | 465-470 |
² Source: Euronext correct as of 13.06.24 4pm
Market Prices and News
Global wheat prices have dropped back significantly since the last market report, to price levels seen in early May.
MATIF wheat Dec-24 futures lost €12.75/t between May 31st and June 7th and closed the week at €252/t. Trading this week has seen a further fall in this contract to €247/t.
Continued concerns exist for the Russian wheat harvest remain unchanged however price competitiveness and demand are now in focus for markets. Turkey, a large global wheat import destination, has announced a ban on imports up until October.
Other factors pressurising markets this week include harvest pressure, with wheat harvest commencing in the USA.
Native new crop prices have declined relative to those offered in late May,
Tirlan offered €190/t for green barley on June 12th, down €12/t on the May 28th offer, €209/t was offered for wheat, down €11/t on the same period.
Dried prices for harvest 2024 are also lower this week, wheat is reported as €243-245/t with barley at €225/t.
The FOB Creil malting barley price closed at €269/t on Thursday last (June 6th), the average price for this contract portion now sits at €268.30/t for Boortmalt suppliers.
For oilseed rape, Paris futures for Nov-24 have also dropped back, with the Nov-24 contract losing €19.25/t on the week to close at €476.25/t on June 7th. Markets have held firmer this week closing at €473.50/t on Wednesday June 12th.
Native oilseed rape prices have also dropped, Tirlan offered €437/t for green oilseed rape on Wednesday June 12th, down €13/t on offers in late May.
Global Grain Supply and Demand
The USDA market supply and demand estimates (WASDE) was released on Wednesday evening, June 12th .
US wheat production is expected to rise significantly for 2024/25 with total output for all wheat expected to rise by 3.5% in 2024/25 compared to last year.
South American production is forecast similar compared to last month. Brazilian maize production is forecast at 127MMT, with Argentina at 51MMT, this is nearly 6MMT above domestic Argentinian forecasts.
USDA cut the Russian wheat harvest by 5MMT to 83MMT, this is higher than Russian and Black Sea analysts have forecast. USDA cut Ukrainian wheat output to 19.5MMT, down 1.5MMT on the May report.
