Grain Market Update 17th November
|Commodity||December 2022 Dried €/T||September 2023 Dried €/T|
|IRL Feed Wheat¹||330-335||305-310|
|IRL Feed Barley¹||320||295-300|
|Paris MATIF Wheat²||319||299|
|Paris Oilseed Rape²||–||606|
|Maize ex. Port¹||310-320||N/A|
² Source: Euronext correct as of 17-11-22
The UN Black Sea Corridor deal has been extended officially for another 120 days from today (Nov 17th); global grain markets have experienced downward pressure this week as the deal was deemed likely to be rolled over (AHDB).
Native, dried wheat prices are trading around €335/t, overall market demand is said to be moderate.
Dried future prices for Nov 2023 are reportedly receiving limited uptake also.
New crop Paris oilseed rape prices have also lost further ground this week, MATIF August 2023 is now trading at €606/t down from €654/t in the first week of November.
Global Grain Supply and Demand
The November World Agricultural and Supply Estimates were released by the USDA last week. Global wheat production was revised upwards to 782.68 million metric tonnes (MMT) with ending stock projections also increased by 280KT to 267.82 MMT.
Maize production declined to 1168MMT globally, with ending stocks also falling to 300.76MMT.
Grain Committee News and Policy Updates
The appeal on reauthorisation of glyphosate on November 15th did not reach a conclusive verdict amongst member states. The EU Commission will now very likely overrule the process and extend the authorisation for one further year until 15th Dec 2023 (Euractiv.com).
The next Grain Committee meeting will be held on November 30th in the Farm centre