The Paris MATIF market has increased this week. May-23 prices have traded at the highest level seen in nearly 4 weeks closing on Thursday this week at €291.75/t.
Strong demand for EU wheat exports has provided support for prices, markets are also concerned about the escalation of the war in Ukraine (AHDB). The Black Sea Corridor is up for renewal in March.
Native spot wheat prices are trading between €288-295/t with demand described as slow. Spot maize is trading at €300/t.
New crop November 23 wheat is reaching between €275-280/t.
Global Grain Supply and Demand
The February World Agricultural and Supply Estimates (WASDE) were released by the USDA last week.
Large cuts were made to maize and soybean harvests in Argentina due to drought. Soy output is down a further 10% on last month’s WASDE report. Brazilian output is forecast to remain at a record 125MMT for maize and 153MMT for soya which is more than compensating for reduced output in Argentina.
|Commodity||March/May 2023 Dried €/T||Nov/Dec 2023 Dried €/T|
|IRL Feed Wheat¹||288-295||275-280|
|IRL Feed Barley¹||280||N/A|
|Paris MATIF Wheat²||294.50||282|
|Paris Oilseed Rape²||544||542.75|
|Maize ex. Port¹||300||285|
² Source: Euronext correct as of 10.02.23
Grain Committee News and Policy Updates
DAFM consultation on the SUR pesticide proposals remains open for submissions until February 24th [email protected]
The NPWS have opened their consultation process on the Control of Wild Bird Declarations as the current ones are due to expire in April. The Declarations allow for the control of certain protected wild bird species where these species are causing serious damage to crops, livestock, fisheries, forestry, flora and fauna. This process is now a survey rather than an open consultation, it is therefore very important that farmers complete the survey here. Closing date February 24th.