Market Prices and News
Global wheat markets have fallen again this week. MATIF wheat for Dec-23 closed last Friday (May 12th) at €238.75/t but was down to €231/t by Wednesday evening.
The Black Sea Grain Initiative was extended for another two months on May 17th and this has forced all prices to drop sharply again on Wednesday evening.
Rapeseed prices continue to plunge on the back of pressure from falling soybean markets and certainty on the grain corridor extension. MATIF Nov-23 closed on Wednesday of this week at €404.50/t, a drop of €26/t this week alone.
Native grain prices remain similar to last week, Tirlan offered €193/t and €203/t for green barley and wheat on Wednesday May 17th. Dried price offers were also issued at €242/t for wheat and €232/t for barley.
Global Grain Supply and Demand
In the May WASDE report, world Maize production for 2023/24 is forecasted at record high of 1219MMT, up 6% on 2022/23.
Wheat production is forecast at 789.8MMT globally for 2023/24. US wheat production is estimated at 45.2MMT, a very minor increase on last year despite an 11% increase in the planted area.
Global soybean supply in 2023/24 is forecast to reach 410.6MMT, up nearly 11% on 2022 according to the USDA’s Economic Research Service. US production is expected to increase by 5% alone in the coming marketing year.
|Commodity||SpotDried €/T||September 23 Green³ €/T||Nov/Dec 2023 Dried €/T|
|IRL Feed Wheat¹||245-250||203||242|
|IRL Feed Barley¹||235||193||232|
|Paris MATIF Wheat²||224.25||–||229.50|
|Paris Oilseed Rape²||–||–||409.75|
² Source: Euronext correct as of 18.05.23 11am.
³ Source: Tirlan 17.05.23