Global wheat prices were generally down this week, but not significantly, given the increase seen in the last few weeks. Matif wheat for December moved from €266.50/t to €264.75/t last week. On Wednesday afternoon 5 June, that price was at €262.50/t.
There looked to be demand for grain on the global market, with countries such as Algeria and Egypt purchasing large amounts of grain.
Grain analysts are still stating that drought in Russia is an issue for wheat crops, with some rain falling in parts of the growing region.
In Australia, winter cereal production is predicted to increase in the coming season. The increase in wheat production is estimated up by 12%, while barley production is estimated up by 7%.
Maize will continue to affect wheat markets, as it means more grain is available.
Brazil’s second maize harvest is under way and last week was nearly 5% complete.
EU report
Last week’s crop monitoring report from the EU placed the production forecast of the main cereals crops up slightly from its April report and up 3% on the five-year average.
Total cereal production is expected to be up 3% on the five-year average. Weather conditions in the coming weeks will be important.
Oilseed rape
Oilseed prices fell slightly this week, with a decline in oilseed prices generally.
The French rapeseed price for November fell €3.50/t last week and by Tuesday evening had dropped another €16/t to €479.50/t. It was down slightly again on Wednesday morning.
Soybean planting is progressing well in the US and there is good weather for planting in Canada.
Drier weather in parts of Australia is expected to see rapeseed production decline in the country by about 5% to 5.4m tonnes.
Last week’s report from the EU placed rapeseed production down 3% from its April report, but up 1% on the five-year average.
The Agriculture and Horticulture Development Board (AHDB) reported that Stratégie Grains estimated EU rapeseed crop production down for 2024/2025 to 17.9m tonnes. That’s down from the previous estimate of 18.12m tonnes and would be a 9.9% drop from last year.
Native prices
At home, spot prices held fairly steady, while November prices were reported to drop slightly to highs of €230/t for barley and €255/t for wheat.
In Northern Ireland, the AHDB reported a spot price of £208/t for feed barley and £209/t for feed barley in November. Feed wheat for November was reported to be £236/t.