Since the start of March, European wheat, maize and oilseed rape traded on the Euronext exchange in Paris have all recorded net price drops with wheat futures even breaking contract lows this week.
Wheat and maize are down €11/t and €6/t, respectively, for the month while oilseed rape is down a substantial €24/t for the same period.
Much of the price declines across the EU and the United States can be explained by strong buyer supply sentiment, as well as a general trading cautiousness ahead of one of the year’s most important USDA releases, which is set to come out in the coming weeks where expected areas sown and projected yields will be given.
EU oilseed rape prices have fallen significantly for the last month with high South American output and an expected increase in the area to be planted in the US this spring being two of the key contributors to the drop.
Europe
Grain prices from the Euronext exchange (MATIF) in Paris continued their recent decline this week.
Milling wheat has fallen €5/t in the last week and is currently trading at just under €166/t.
Maize prices also dipped in the last seven days, with June 2017 maize futures falling €2/t to €171/t.
The price of oilseed rape futures fell further last week with May 2017 rapeseed falling €11/t to €397/t, another significant decline in futures prices for the seven-day period.
Chicago
In Chicago (CME), May 2017 soft red winter (SRW) wheat futures finished yesterday at $155/t (€143/t). This marks a slight $3/t drop in the last week. US corn prices also recorded a price decline of $3/t, with May 2017 corn closing at $140/t (€129/t).