Despite weather concerns in the US with temperatures forecast to fall well below freezing in many important grain-producing states, grain futures in Chicago extended losses for the second consecutive day during Thursday’s trade.

In Europe, grain prices were also under downward pressure as excess supply concerns dampened the market. The euro has also hardened in recent days against a basket of currencies, including the US dollar and sterling, further eroding the competitiveness of European grain exports.

Europe

In Paris, the Euronext exchange (MATIF) retreated further on Thursday. Wheat for May 2016 delivery lost €2/t to finish below €172/t, while May 2017 delivered wheat was also down €2/t to settle at €184/t.

Maize (corn) futures in Paris weakened significantly on Thursday. June 2016 maize was back by more than €2/t to fall below the €164/t mark, while June 2017 maize futures lost €1/t to end the day at €175/t.

After steadying somewhat this week, rapeseed futures were back in reverse on Thursday. May 2016 delivered rapeseed lost more than €2/t to finish at €364/t, while May 2017 rapeseed was down €1/t to end Thursday’s session at €359/t.

Chicago

On the Chicago exchange (CBOT), wheat futures were in reverse while maize held steady.

SRW wheat for May 2016 fell by $3/t for the second consecutive day of trade to finish at $174/t (€160/t), while May 2017 delivered SRW wheat was also back by $3/t to finish at just below $191/t (€175/t).

US maize (corn) prices were steadier than wheat but still back slightly. May 2016 delivered maize continued to hover below $143/t (€131/t), while maize for May 2017 delivery fell marginally to $156/t (€143/t).