Grain Market Update 13th May
|Spot Price €/T 1||% Change vs Previous Month||Glanbia September 2022 Green €/T||Nov/Dec 2022 Dried €/T 1|
|IRL Feed Wheat||410-415||-1%||342||387-390|
|IRL Feed Barley||415||-2.5%||332||377-380|
|Oilseed Rape Paris2||–||–||–||834|
|Maize Ex. Port||380||+1%||–||360|
² Source: Euronext correct as of 13-05-22
New crop grain prices have increased significantly again this week on the back of the May WASDE report from the USDA. Old crop positions (e.g. May 22) are now ending on Paris markets.
Markets remain heavily influenced by the war in Ukraine but other additional weather concerns are developing in France, India and Brazil this is combined with slow maize planting pace in the USA.
Glanbia green feed wheat and barley prices increased further this week to €332 and €342/t respectively.
FOB Creil malting barley settled at €446/tonne for week 5, rolling average for Boortmalt suppliers stands at €414.60/tonne.
Soya meal markets have cooled on the back of high crush numbers globally due to large oilseed demand. Large global production is expected in 2022/23.
WASDE Global Stocks + Supply 21/22 3
|Million Metric Tonnes||Yearly Change (%)|
|World wheat supply||774.8||-0.6%|
|Wheat ending stocks||267||-5%|
|World Maize Supply||1180.72||-3%|
|Maize Ending Stocks||305.3||-1.4%|
|World Soybean Meal||256.52||N/A|
Grain Committee & Policy News
A National Grain Committee meeting will take place in the Farm Centre on May 24th, elections for the vice chairperson and positions on the management committee will be held.
The European Food Safety Authority and European Chemicals Agency are due to meet at the end of May to discuss the hazard classification status of glyphosate. The conclusions from the peer review of the submissions made during the public consultation were originally expected in July 2022 with a vote by December. However, it now appears the results of this review will not be available until July 2023.
Global Grain Supply and Demand
Global wheat stocks remain at a six year low according to the May WASDE report issued by the USDA.
Russian wheat exports are expected to increase by 18% in 22/23 compared to the 21/22 crop which affected by dry weather.
Ukraine wheat production for 22/23 has been forecast at 21.5 MMT by USDA down 35% on 2021/22.
Ukraine maize production for 22/23 has been forecast to drop by 54% according to the USDA.
US corn yield is projected at 177/bushels/ac down from 181(-2.3%) in February (USDA).
Brazilian total maize crop forecasts have been revised down by 1% by CONAB due to dry weather concerns but the overall total remains a record tonnage.
Dry weather in France is now a concern for 2022 soft wheat crop according to ARVALIS research institute.
|Spot Price||% Change vs Last Week||% Change year on year|
|Dutch TTF Gas Futures €/MwH||95||-1%||352%|
|Brent Crude Oil ($/barrel)||109.12||-3%||158%|