|Spot Price €/T 1||% Change vs Previous Week||Glanbia September 2022 Green€/T||Nov/Dec 2022 Dried €/T 1|
|IRL Feed Wheat||420||+2%||310||360-370|
|IRL Feed Barley||420||+1%||300||350-360|
|Oilseed Rape Paris2||990||+5%||–||817-823|
|Maize Ex. Port||375||-2.5%||N/A||345|
² Source: Euronext correct as of 14-04-22
New crop grain prices have increased significantly again this week, with the gap between spot prices and Sept/Nov futures dropping significantly compared to recent weeks.
Markets remain heavily influenced by the ongoing war in Ukraine with no indications of a ceasefire to date.
Glanbia green feed wheat and barley prices increased by a further €15/t this week to €310 and €300/t respectively.
Glanbia green wheat prices for September have increased overall by €45/t since mid-March.
Paris Nov 22 rapeseed prices continue to reach new highs which are now in excess of €800/t, prices continue to be heavily supported by a reduced Ukraine sunflower area and tight palm oil inventories (AHDB).
WASDE Global Stocks + Supply 21/22
|Million Metric Tonnes||Monthly Change (%)|
|World wheat supply||778.83||0%|
|Wheat ending stocks||278.4||-1.2%|
|World Corn Supply||1210.45||+0.3%|
|Maize Ending Stocks||305.5||+1.5%|
|World Soybean Meal||245.64||-0.8%|
Grain Committee & Policy News
The National Grain Chairman and Grain Policy Executive have been in close contact with DAFM personnel to secure details of the recently announced €10 million Tillage Incentive Fund.
The National Grain Chairman will attend the 3rd meeting of the National food and fodder security meeting next week.
A meeting was held with Diageo on April 11th to discuss the recently announced regenerative agriculture pilot in the malting and roasting barley supply chain.
Global Grain Supply and Demand
Global wheat stocks remain at a five-year low (USDA).
The 2021/22 global wheat trade has been lowered by 3 million tonnes, reduced EU, US, Ukraine exports have only been partially offset by higher exports from Russia and Brazil (USDA).
The USDA also lowered total estimated Ukrainian harvest output in 2022 by 20%
Brazilian maize crop forecasts remain very high according to CONAB, weather in April will be critical for the Safrinha crop.
US wheat crops remain in historically poor condition, with only 32% rated good on April 10th by USDA.
US corn planting has yet to kick off fully, April weather conditions will be an important area to monitor.
Maize 2022 futures have reacted strongly to concerns over maize forecasts in Ukraine. UkrAgroConsult has forecast a crop of only 19MMT which compares to 41MMT in 2021.
|Spot Price||% Change vs Last Week||% Change year on year|
|Dutch TTF Gas Futures €/MwH||105||+1%||580%|
|Brent Crude Oil ($/barrel)||107||+2%||157%|