Market Prices and News
Global grain prices have remained in a broadly similar position to the last market report. MATIF wheat futures for Dec-23 have traded between €235-245/t throughout the month of September.
Competitive Black Sea wheat shipments continue to keep a firm lid on wheat prices despite concerns over supply reductions in Canada and Australia.
Feed wheat markets are feeling pressure from an increased global maize supply, native dried wheat prices remain unchanged at €235-240. Old crop maize is trading at €250/t with new crop for November lower at €235/t ex. Port.
Paris Matif Nov-23 rapeseed prices have come under pressure in recent weeks due to large global soybean production in Brazil and the US. In the short term a smaller Canadian rapeseed crop is providing some support to prices. Futures prices for new crop MATIF Aug/Nov 2024 remain stronger at €464-467/t at the time of writing.
FOB Creil closed on Wednesday last week at €288/t, bringing the average to a base price of €284.74/t for Boortmalt suppliers. The final price for this contract will be known next week.
|Commodity||Nov/Dec 2023 Dried €/T¹|
|IRL Feed Wheat¹||235-240|
|IRL Feed Barley¹||225|
|Paris MATIF Wheat²||240|
|Paris Oilseed Rape²||440.25|
|Maize ex. Port||234|
² Source: Euronext correct as of 20.09.23
Global Grain Supply and Demand
The September WASDE report was published by the USDA last week.
World wheat supplies including ending stocks is predicted to drop by 7.2MMT to 1,054.5MMT. Ending stocks of wheat are now the lowest since 2015/16 according to AHDB.
Russian wheat exports were forecast at 49MMT in the report, the second largest ever.
US maize production was increased through an upwards revision in the area but yield forecasts were reduced slightly following August heat in the key production states.
Strategie grains have estimated the EU maize crop for 2023/24 at 59.6MMT, a significant rebound from the drought affected crop in 2022 which produced 50.9MMT and was a 15-year low.
IFA Grain Committee Activities
A delegation from the malting barley committee met with Boortmalt representatives in Co. Laois last week. They made emphasised how difficult the 2023 harvest been and urged company representatives to come forward with a strong fixed price offer for malting barley in 2024.
Meetings between the National Grain Chairman and representatives from grain co-operatives are being finalised for the coming weeks.