Wheat prices in the US and Europe were in retreat during Wednesday after data showed wheat crops on both sides of the Atlantic to be in excellent or very good condition at the start of April.

Even after spells of frost in the central US wheat plains and extended periods of dryness, this year’s US wheat is in great shape, pointing towards another plentiful harvest. Grain prices are yet to feel any upside from a weakening US dollar.

Europe

On the Euronext exchange (MATIF) in Paris, wheat prices retreated during Wednesday’s trade, while maize prices held steady.

With French growers reporting this year’s wheat crop to be in very good condition at this stage of the year, wheat prices fell back to their lowest point in a month. May 2016-delivered wheat lost almost €3/t to finish below €154/t, while May 2017-delivered wheat decreased in price by €2/t to settle below €176/t.

European maize prices were steadier but remain at very weak levels. June 2016 maize was flat during Wednesday’s trade in Paris to stay at €154/t, while June 2017-delivered maize was back by €1/t to settle just over €170/t.

Rapeseed futures from Paris were also slightly back, with May 2016-delivered rapeseed down €1/t to finish on €368/t, while May 2017 rapeseed was back marginally to €363/t.

Chicago

In Chicago, wheat prices were in retreat while corn/maize prices were generally steady.

SRW wheat for May 2016 delivery lost $4/t during Wednesday’s session in Chicago to finish at $170/t (€150/t), while May 2017-delivered SRW wheat was also dropped $4/t in price to settle on $190/t (€167/t).

US corn (maize) prices were generally flat during Wednesday’s trade, with May 2016-delivered corn showing marginal gains to finish at $141/t (€124/t), while May 2017-delivered corn was flat at $152/t (€134/t).