Market Prices and News
Nearby global dried wheat prices have declined this week. MATIF December 23 wheat futures dropped from €240/t on Friday October 20th to close at €233.50/t yesterday (Thursday 26th).
Native dried prices remain largely unchanged from recent weeks at approximately €235/t for wheat and €225/t for dried barley.
Competitive Russian exports continue to exert pressure on European markets, consultants SovEcon have estimated the Russian crop for 2023/24 to be 91.4 million tonnes, down 12.8 million tonnes year-on-year but this is still a very significant crop compared with recent years.
The temporary grain corridor in Ukraine is operational, 40 vessels have now passed through. Reports circulated this week of navigation difficulties in the corridor but markets remained largely unresponsive to this story yesterday.
Recent rain across the southern hemisphere have allowed wheat yield prospects in countries like Australia to recover somewhat from previous lower forecasts. Recent rain in Argentina has also improved wheat crop prospects there (AHDB).
Very strong global maize supplies are also exerting pressure on global wheat prices. The Brazilian maize harvest for 2022/23 is now completed and sits at a new record of 137 million tonnes (CONAB). The US maize harvest is also progressing rapidly and progress now sits at 59 % completed as of Sunday 22nd October.
Paris rapeseed futures for November 23 have been volatile in recent weeks. Strong European supplies and pressure from the wider oilseed complex (soyabeans) have forced nearby prices to close at €406.50/t on Thursday of this week. Aug 2024 futures remain stronger at €445.25/t.
|Commodity||Nov/Dec 2023 Dried €/T¹|
|IRL Feed Wheat¹||235|
|IRL Feed Barley¹||225|
|Paris MATIF Wheat²||233.25|
|Paris Oilseed Rape²||409.50|
² Source: Euronext correct as of 27.10.23 2pm
Grain Committee News
The National Grain Committee will meet in Portlaoise on Tuesday, October 31st .