IFA - Irish Farmers Association
IFA - Irish Farmers Association
07/11/2024 | Press release | Distributed by Public on 07/11/2024 08:47
Grain Market Update 11th July
Market Prices and News
| Commodity | September 2024 Green €/T | Nov/Dec 2024 Dried €/T |
| IRL Feed Wheat¹ | 202-205 | 235-240 |
| IRL Feed Barley¹ | 182-185 | 220 |
| Paris MATIF Wheat² | - | 232 |
| Oilseed Rape | 445-450 | 480-485 |
² Source: Euronext correct as of 11.07.24 2pm
Global wheat prices firmed in the week ending Friday July 5th. MATIF Dec-24 gained €3.50/t while LIFFE futures in London gained £4.35/t.
Wheat markets are lower again this week after trading sideways, MATIF Dec-24 closed at €229.50/t Wednesday July 10th.
US wheat harvesting remains well ahead of schedule at 63% harvested, this is ahead of average for the time of year which sits at 52% (USDA). Disruptive rainfall is expected this week in parts of the Midwest from the aftermath of post tropical cyclone Beryl.
Native prices remain broadly similar to last week, with green feed barley reported at €182-185/t and green wheat at €202-205/t.
Paris OSR Dec-24 prices jumped by €28.50/t last week to close at €514.50/t on Friday July 5th. This was amid speculation of moderate to poor yields on crops harvested to date in Europe and a small rally in Chicago soybean prices. However, OSR markets have lost all of the gains this week and MATIF Dec-24 sits at back at €483.50/t at the time of writing.
FOB Creil malting barley closed at €258/t last week for Boortmalt suppliers, the rolling average for this contract portion is now €264.13/t.
Chicago maize futures continue to be pressurised this month, prices for nearby Jul-24 contracts are at approximately $4/bushel which is approximately €142/t. Good US crop conditions and the Brazilian Safrinha harvest are cited as bearish factors.
Global Grain Supply and Demand
The AHDB released a report last week stating that the cereal and oilseed rape area in Great Britain is the lowest in over two decades. Wheat area is 9% lower year-on-year (YOY), winter barley 11% lower YOY, OSR 21% lower YOY, while spring barley has increased by 18%.
US maize area has been estimated at 37.02 million hectares which is 3% lower than 2023 but the 8th biggest crop area since 1944 (USDA/AHDB).
Russian wheat crop forecasts have revised upwards again, analyst SovEcon has revised its estimate upwards from 80.7MMT back up 84.1MMT last week on better - than expected yields to date in the far south of the country.
The harvesting of the Brazilian Safrinha maize crop is progressing at 65% according to AgRural, this is a very rapid pace compared to historical progress in the same period.