|Commodity||December 2022 Dried €/T||September 2023 Dried €/T|
|IRL Feed Wheat¹||€350||310-315|
|IRL Feed Barley¹||€340||N/A|
|Paris MATIF Wheat²||€345||€321|
|Paris Oilseed Rape²||€581||€603|
² Source: Euronext correct as of 22-09-22
MATIF wheat prices have risen again this week, the Dec 22 contract closed on Monday of this week at €325.75, but had risen to €347/t by Wednesday – a 3 month high.
This rise in global wheat markets is due to market uncertainty on news of Russia holding referendums in four occupied regions of Ukraine but the grain corridor deal remains in place.
Paris rapeseed futures (Nov 22) are trending downwards relative to recent weeks due to the ongoing Canadian canola harvest and pressure from US soybean crops. August 2023 futures remain firmer, however, at approximately €600/t.
Native dried wheat prices are more uncertain due to the volatility in the MATIF market, prices are approximately €350/t.
FOB Creil malting barley for Boortmalt suppliers settled last week at €345/t, bringing the average to €400.48/t heading into this week. The final average price will be settled on Friday 23rd September.
Global Grain Supply and Demand
Ukrainian agriculture officials reported that winter wheat planting could fall by 20% for 2023 due to Russian occupation and better export prospects for oilseed crops.
In Argentina, the Rosario Grain Exchange cut the wheat crop estimate there by 1.2 million metric tonnes (MMT) to 16.5MMT.
The USDA World Agricultural Supply and Demand Estimates for September were released last week.
The global outlook for wheat raised production, consumption and ending stocks. Supply estimates increased by 3.6 MMT mostly due to the record Russian crop which is now estimated at 91MMT
The US corn outlook is for lower yields, reduced exports, and tighter ending stocks.
Reduced EU and US corn yields will be more than offset by higher corn production in Canada, China, and Ukraine in 2022/23 according to the report.
Grain Committee News and Policy Updates
The National Grain Chairman and members of North Cork IFA met with Dairygold officials last week to discuss harvest 2022. The Chairman emphasised the need to pay the best possible prices in for this year’s crop and stated the importance of working closely with tillage farmers in 2023.
The Grain Policy Executive also attended meetings with Pesticide Registration and Control in Backweston to discuss the proposed European Sustainable Use Regulations. Feedback on the proposals was also provided on the European Commission website.