GrainGrain Market Reports

Grain Market Update 5th July

Market Prices and News

CBOT Dec-23 maize futures plunged last week to below $5/bushel (approx€181/t) on the back of an unprecedented adjustment in corn/soybean acres by the USDA. This has forced down prices for all other global cereal commodities.

Global wheat markets fell sharply in the week ending Friday June 30th. MATIF Dec-23 futures closed at €238.25/t down €15.75/t on the week. 

Improving US crop conditions have pressurised wheat and maize markets this week, MATIF Dec-23 closed on Tuesday July 4th at €234.75/t.

Market reaction over uncertainty about the future of the Black Sea Grain Initiative after July 17th is enabling some recovery in prices at the time of writing (5th July). 

Paris rapeseed prices have increased in past weeks due to the decline in USA soybean acres and lower quarterly soybean stocks. Nov-23 futures gained €7.50/t to €456.25/t on the week ending June 30th (AHDB) and have held into midweek trading. 

FOB Creil malting barley closed last week at €284/t, bringing the rolling average base price to €270.83/t to date for Boortmalt suppliers. 

Malting barley prices have strengthened on drought affected spring crops in Germany, Denmark and other parts of Scandinavia. French 6R winter malting quality remains variable but acceptable to good overall.

CommoditySpotDried €/T  September 23 Green³ €/TNov/Dec 2023 Dried €/T¹
IRL Feed Wheat¹245-250N/A240-245
IRL Feed Barley¹235N/A230-235
Paris MATIF Wheat² 231.50
Paris Oilseed Rape²458
Maize ex. Port232-235

Global Grain Supply and Demand

U.S corn acres have been estimated at 94.1 million acres by the USDA, a 10-year  high and a rise of 2.3% on March intentions (Reuters Ag News)

U.S soybean plantings sank by 4.5% to 83.505 million acres (USDA).

EU-27 + UK barley production for 2023/24 has been estimated at 56.0MMT which is down 4.7% on 2022/23 according to RMI Analytic

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