GrainGrain Market Reports

Grain Market Update 8th May

CommodityMay 2024 Dried €/T¹September 2024 Green €/T1Nov/Dec 2024 Dried €/T
IRL Feed Wheat¹235-240207245-250
IRL Feed Barley¹220-225195220-225
Paris MATIF Wheat² 212.75246.25
Paris Oilseed Rape²486
Maize ex. Port 225225
¹ Source: Irish grain industry sources
² Source: Euronext correct as of 08.05.24 4pm

Market Prices and News 

Global wheat prices have continued to rise over the past two weeks. On Monday, May 6th, global wheat futures rose to the highest level since August 2023, with MATIF Dec-24 contract closing above €250/t. 

Concerns over the impact of dry weather and frost on wheat crops in southern and central Russia caused markets have forced prices upwards this week. 

Declines in US hard winter wheat crops have offered support to markets in recent weeks, but ratings improved very marginally last week to 50% good according to the USDA. 

French crop conditions for wheat remain unchanged, poor wheat crop condition have supported EU wheat markets in the spring months of 2024.

Native spot wheat prices have risen to €235-240/t, an increase of €12-15/t compared with two weeks ago. Dried barley quotes are making €220-225/t. 

On Tuesday May 7th, Tirlan offered €207/t for green wheat and €195/t for green barley, up €7 and €9/t week on week. 

New crop dried wheat prices for Nov-24 are reported at €245-250/t. 

The FOB Creil malting barley price for Boortmalt suppliers closed at €265/t on Thursday May 2nd, the weekly average stands at €261.20/t. 

Oilseed rape prices have also continued to rise, MATIF Nov-24 gained €9.25/t in the week ending to May 3rd to close at €476.25/t. Wet conditions affecting the last of the soybean harvest in Brazil provided support to prices. Markets have risen further to €486/t at the time of publication. Green OSR prices ex. farm are trading at approximately €435/t. 

Global Grain Supply and Demand 

Southern hemisphere maize crops for 2023/24 have been trimmed due to pest and weather impacts. The Beunos Aires exchange in Argentina has reduced maize forecast from 56.5MMT down to 49.5MMT. USDA projections will be published on Friday, May 10th.

Strategie grains published the latest estimate for the 2024/25 oilseed crops, oilseed rape production is forecast at 18.1 million, 9% lower than 2023.

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