Grain Market Update 26th January
Nearby Paris MATIF wheat futures slipped to an 11th month low on Monday January 23rd to €280.00/t (Yahoo Finance).
The spot March 23 MATIF contract recovered to €284 by Thursday 26th January.
May-23 Chicago wheat futures dropped to a near 16-month low on Tuesday of this week (AHDB).
According to market analysts, the main factor driving European wheat prices down is export competition from the Black Sea and Russia.
Nearby native prices for dried wheat contracts are now at €295/t which is €5/t less than imported wheat. Demand is reported to be low.
Paris oilseed rape prices have steadied this week following a 6.5% drop to €536.25/t between Friday Jan 13th – 20th. This was mainly caused by rain falling in Argentina on drought affected soya crops, bigger EU rapeseed crush forecasts for this season and fears over a German biofuel ban (AHDB)
|Commodity||March/May 2023 Dried €/T||November 2023 Dried €/T|
|IRL Feed Wheat¹||295||270-275|
|IRL Feed Barley¹||280||N/A|
|Paris MATIF Wheat²||284.50||270|
|Paris Oilseed Rape²||534||537|
|Maize ex. Port¹||305||N/A|
² Source: Euronext correct as of 26.01.23
Grain Committee News and Policy Updates
The deadline for submissions to DAFM on the Sustainable Use and Reduction of Pesticides consultation was extended last week until Friday February 24th.
The National Grain Committee held the first committee meeting of 2023 in Kilkenny last week.
Also included on the day was a very interesting visit to the Tirlan Grain Innovation Centre in Ballyragget. Committee members experienced the wide range of food products and processes that Irish oat flours can be utilised in.