The condition of international grain markets continues to be fragile as we move through the first month of the new year. Last week’s trade in both Europe and the US was volatile, with swings in the market throughout the week.

The market in Chicago ended the week on a positive note ahead of the long weekend in the US for Martin Luther King Day. Trade will resume on Tuesday 19 January. In Europe, the outlook was more negative as cereals and oilseeds extended losses for the third consecutive day during Friday’s session. The rallying euro is not helping the competitiveness of European grain exports and is weighing on markets.

Europe

In Paris, grain prices from the Euronext exchange (MATIF) continued to slide on Friday. Wheat for May 2016 delivery lost €1/t to finish at €171/t, while May 2017 delivered wheat held steady at €184/t.

Maize (corn) futures in Paris were also under downward pressure. June 2016 maize was down €1/t to fall below the €163/t mark, while June 2017 maize futures were flat at €175/t.

Rapeseed futures continue to weaken this week, with the collapse in the price of oil a major factor weighing down the market. May 2016 delivered rapeseed lost almost €5/t to finish below €360/t, while May 2017 rapeseed was back €4/t to end Friday’s session at €355/t.

Chicago

On the Chicago exchange (CBOT), cereal futures ended last week on a positive note with a rally in prices.

SRW wheat for May 2016 delivery gained almost $2/t to finish Friday’s trade at $176/t (€161/t), while May 2017 delivered SRW wheat lifted by $1/t to finish just below the $192/t (€176/t) mark.

US maize (corn) prices also enjoyed a much-needed boost on Friday. May 2016 delivered maize jumped by $2/t to settle below $145/t (€133/t), while maize for May 2017 delivery gained by $1/t to finish Friday’s session in Chicago below $158/t (€145/t).