Grain prices remained positive overall this week. Maize has increased further in price, which could help to drive consumers to wheat and barley.
Nearby wheat prices in Europe, the UK and the US have remained steady, but December French wheat is climbing gradually.
This price is often a good indicator for Irish prices. It finished last week at €233.50/t and was at €233.25/t on Wednesday afternoon.
European maize was down slightly. French maize for November closed at €218.50/t on Friday 10 January and was at €216.25/t on Wednesday afternoon.
There are a number of things to look out for in the markets. Donald Trump will take office as the US president on 20 January, so market analysts are watching to see what decisions he makes that could affect markets. Decisions on tariffs will be something to watch for Irish whiskey sales as well.
There is some rain expected in Argentina and how much falls will affect the size of the maize crop. The maize and soybean production forecasts have been lowered in Brazil.
WASDE report
The World Agricultural Supply and Demand Estimates (WASDE) report came out on 10 January. Wheat supplies were forecast to be larger.
US corn production for the 2024/2025 season was estimated down by 276 million bushels to 14.9 billion.
Global coarse grain production for 2024/2025, which includes maize and barley, was forecast down 4.8m tonnes to 1.494bn tonnes.
Chinese production was raised to a record 294.9m tonnes in the report.
Maize exports were also reported lower for the US and Brazil.
Maize
The high maize prices are helping to support wheat and barley prices.
The UK’s Agriculture and Horticulture Development Board (AHDB) stated that: “The global balance of maize this season is relatively tight, with global ending stocks of maize in 2024/2025 at the lowest since 2020/2021 and the second lowest since 2014/2015.
“Maize ending stocks held by major exporters US, Brazil, Argentina and Ukraine are forecast 13% lower on the year and down 4.5% on the five-year average.”
Native prices
This week, spot wheat and barley places were reported to be steady since last week at €230/t to €235/t for barley and around €245/t for wheat.
Maize ex-port moved up again this week from €245/t to €250/t. Last week, Dairygold offered €238/t for green wheat, €200/t for green barley and €450/t for green oilseed rape for harvest 2025.