Grain Market Update 8th July
Grain prices have fallen again this week overall.
MATIF Sep 22 wheat closed on Wednesday of this week at €325/t, this is similar to the immediate days in late February after the Russian invasion of Ukraine but recovered by + €15-20/t by Friday. Daily volatility is extremely high.
On Tuesday day of this week, Glanbia offered €280/t for green wheat and €265/t for green feed barley, a €20/t decrease on last week’s price offering
Imported maize prices have dropped significantly to approximately €325/t
FOB Creil malting barley for Boortmalt suppliers closed this week at €385/t, down €35/t on last week, the rolling average price is now €430.92/t
|September 2022 €/T||Nov/Dec 2022 Dried €/T 1|
|Paris MATIF Wheat||€344||€333|
|Paris Oilseed Rape||–||€691|
|Maize ex Port||–||€325|
|Soya ex Port||–||€545|
Global Grain Supply and Demand
Rapid Northern Hemisphere harvest progress is continuing to exert significant pressure on wheat futures markets.
Statistics Canada announced that the Canadian wheat area planted in 2022 has reached a nine – year high and this has added further pressure onto to the market.
Paris Rapeseed prices recovered this week on news that the Canadian planted area dropped 4.7% relative to 2021. Large recent downward decreases in rapeseed have been due to decreasing demand and fears of a global recession (AHDB)
Chicago maize futures for Dec 2022 dropped to below the pre-invasion level, the market reacted negatively to higher than anticipated plantings in the US
Grain Committee & Policy News
The National Grain Chairman discussed exemptions to the shallow cultivation requirement under the Nitrates Directive with officials from DAFM this week. The exemptions secured from post-harvest cultivation in fields with certain brome species, after oilseed rape and also combinable crops harvested after September 15th are too be welcomed and are the result of IFA lobbying on these issues. The scientific criteria for a derogation from stubble cultivation to be introduced have still not been defined and IFA is calling for these to confirmed urgently
The deadline for applications to the Tillage Incentive Scheme and the Exceptional Protein Aid Scheme is July 20th. Farmers wishing to apply for the scheme can do so either themselves or through their advisor up to 20th July 2022 by logging on to the Exceptional Aid System on www.agfood.ie.