Grain Market Update 29th July
Market Prices & News
MATIF Dec 22 wheat prices recovered this week from a low of €312.50/t on Friday 22nd July to open at €328.50/t on Friday July 29th.
Shelling of the key Ukrainian ports last weekend has led to continued uncertainty over when exports will resume.
Paris rapeseed futures have also recovered strongly in the latter half of this week gaining €36.25 since Tuesday following increases in all global oilseed crops.
Soymeal prices have firmed again as a result of hot, dry weather forecast across much of the US Midwest and also due to poor crush margins.
Glanbia offered €275/t for green barley and €290/t for green wheat this week.
FOB Creil malting barley for Boortmalt suppliers settled at €385/t this week up from €378, the average for this contract now sits at €421.56/t.
|September 2022 Green €/T||Nov/Dec 2022 Dried €/T 1|
|IRL Feed Wheat||290||335|
|IRL Feed Barley||275||320-325|
|Paris MATIF Wheat||–||332.50|
|Paris Oilseed Rape||–||679.75|
|Paris Maize ex. Port||–||330|
|Soymeal ex Port||–||560|
Global Grain Supply and Demand
The EU Commission has reduced its forecasted maize yield for the EU to 7.25t/ha which is down 7.9% on the June estimate, continued hot conditions across mainland Europe are taking a significant toll on maize yield prospects.
Weather conditions in the US Midwest are also coming into focus with hot, dry conditions reducing crop condition scores, USDA rated maize as 61% good on Monday last.
Grain Committee and Policy News
The National Grain Chairman attended the Tillage subgroup meeting of the National Food and Fodder Security Committee this week. Proposals are being put forward to ensure the tillage area can increase in 2023 and beyond.