Grain trends generally continued downwards this week.

To give an indication of variability in the market, on 20 May the December MATIF wheat price was at €414/t and it closed at €373.25/t on 3 June.

However, on Tuesday of this week, that price was back up to €380.25/t. Going to print, it had reached €383.25/t.

As reported last week, uncertainty surrounding the movement of grain out of Ukraine continues to move markets up and down.

Glanbia’s offer to suppliers this week reflected the overall downward trend, with prices of €325/t for green wheat and €315/t for green barley for harvest 2022.

That’s down from €340/t for green wheat and €325/t for green barley the week previous and down from the high of €360/t for wheat and €345/t for barley on 17 May.

In the UK, the Agriculture and Horticulture Development Board (AHDB) has estimated that wheat production will be up this season.

At an estimated 14.95m tonnes, this would be an increase of 7% on 2021 and up 10% on the five-year average.

The European Commission is estimating an increase in soft wheat production, while a decline in barley and maize production is expected.

Five percent of the winter wheat harvest has been completed in the US, but these are the drought-affected crops, so are not a good indication of yield trends.

Planting is now progressing well in the US, with 94% of maize estimated to be planted. That’s 2% above the five-year average for the time of year. Seventy-eight percent of soya beans are reported to be in the ground.

Looking at rapeseed and the August price for Paris rapeseed fell by €21.75/t on Tuesday, finishing at €782.75/t.

It was in the green on Wednesday morning at €786.50/t.

A lack of rain could cause issues with planting in Canada, but this is unlikely to cause huge upsets to markets.

Spot prices

Spot prices for wheat and barley were on a par this week at €400/t, while maize was at €355/t. Imported wheat for November is estimated at €390/t to €395/t.

Barley for the same time is at approximately €380/t, while maize is once again significantly under at €350/t.

The continuing trend of significantly lower maize prices will no doubt see more interest in the crop, as wheat and barley prices look too expensive for buyers.

On the malting barley front, the average price (which will be the harvest price) for Boortmalt suppliers now stands at €433/t, after the FOB Creil Planet price closed at €443/t on 1 June.