Grain Council Report February 2026

Market Report 

Global grain markets remain bearish with no significant supporting factors at present. This is due to very ample supplies globally. The International Grains Council (IGC) has forecast wheat production from the 2025/26 cycle at 842MMT, which is a new record. Maize production is estimated at 1256MMT globally. In Europe, Paris MATIF futures for May-26 are trading at €193/t, with new crop futures for Dec-26 at €200-202/t at the time of writing. Geopolitical events continue to affect currency exchange rates with the euro/dollar between €1/$1.18-1.20, which is the weakest the dollar has been since June 2021. A weak dollar makes EU grain traded in €/t less competitive on the market and this is also a factor limited upward price movement. 

Native prices for dried wheat at present range between €212-217/t with barley also at €212-217/t.  Wheat demand is reported as low, with significant cover in place for end users. Barley demand is reported as better with no discount to wheat prices which has been a feature of recent years. Imported maize is trading around €215/t with soya at €350-360/t. 

Activity since last National Council 11.11.25

• The National Grain Committee met on Wednesday December 4^th in Teagasc, Oakpark, Co. Carlow.
• The Malting Barley sub-committee met on Wednesday, December 3rd in Teagasc, Oakpark, Co. Carlow. A tour of the National Centre for Brewing and Distilling took place.
• A native grain sub-group was established and the first meeting held on Thursday, December 4^th. 
• John Murphy from Co. Wexford was elected Chair of the National Grain Committee on Thursday, January 7^th. 
• Two meetings with DAFM on tillage support payments from Budget 26 took place in Portlaoise on December 17^th and January 19^th, respectively.

EU/COPA developments

• The EU Commissions New Genomic Techniques (NGTs) proposal passed in COM ENVI by 59 votes to 24, with 2 abstentions. The provisional agreement on this file now moves to Parliament for final ratification. 

Upcoming Activities 

• The malting barley sub-committee will attend the Diageo malting barley awards in St James’s Gate on February 18^th.
• The Malting Barley subcommittee will meet with the Council of the Irish Whiskey Association
• National Grain Committee meeting will take place on Wednesday February 25^th, this will incorporate an election for Vice-Chair. 
• National Grain Chair John Murphy will attend the Copa-Cogeca Cereals and Oilseeds working party in Brussels on March 4^th.