Grain markets were not fed by any news to move them dramatically this week.

As we move through harvest, it would be nice to see some positive movements. However, they have not come recently.

French wheat prices stayed relatively steady this week, while nearby maize prices moved down by around €2 to €3/t.

The wheat harvest is only starting in Ireland, but it is wrapping up in many parts of Europe and the poor weather from the growing season is leading to tighter supplies, which may help to support prices.

Maize crops look good and are likely to keep some limit on prices. Sixty-seven percent of maize in the US is reported to be in good or excellent condition. This crop will be a watch point for grain prices.

This week, Argus Media published a production estimate of 25.17m tonnes for the French soft wheat crop. That’s a drop of 9.9m tonnes from 2023 and a 27.2% decline from the five-year average.

It’s the lowest production estimate since 1983. Area and yields are both down in the country.

Oilseed rape

Oilseed rape took the biggest drop. On Tuesday 6 August, the French November price hit €449.75/t. It dropped by €8/t last week and fell by €18.50/t on Monday and €22.50/t on Tuesday.

However, it is a drop of €51.75/t since the last peak of €501.50/t on 22 July.

The oilseed rape price is affected by the wider oilseed markets such as vegetable oils and soybeans, but also by the world oil market.

Oil prices declined in the last few days amid economic concerns, but did recover somewhat this week.

Reuters reported that Brent futures prices went to their lowest since early January on Monday. A slump in stock markets and concerns over a US recession were thought to contribute to this.

It’s easy to say now, but the drop in price is a reminder to take opportunities when they come. Offers of €455/t and €445/t were available for green oilseed rape crops from co-ops in June and July.

Native prices

At home, the drop in prices in recent weeks was starting to creep into spot prices, with reports of November barley moving to €215/t or below.

This is still cheaper than maize for November, which is reported at around €218/t.

Spot barley went below €210/t, while spot and November wheat were holding strong at reports of €225/t to €230/t and €230/t to €235/t respectively.

The average Boortmalt price stood at €262.69/t, but is subject to a €10/t charge.