With the majority of the global harvest now completed, market concerns around planting and weather conditions for next year’s crop are now the primary influences on grain prices. In general, grain markets have been on an upward trend recently, with prices steadily hardening over the last couple of weeks.

Markets were also boosted by the latest USDA grain report which cut the 2016/’17 forecast for maize production in the US after lowering the harvested acreage. The report also noted that the comparative high price of US grain coupled with a strengthening US dollar would drive wheat exports from the US to a 44-year low.

Europe

On the Euronext exchange in Paris (MATIF), grain prices in the main were steady to improving. Wheat continues to make gains week-on-week amid concerns of dry planting conditions in the Black Sea region.

During Friday’s trade in Paris, prices for December 2015 wheat finished up slightly at just under €180/t – that’s almost €4/t better than the same time last week. Prices for December 2016 wheat in Paris finished the week at €193/t after little movement during Friday’s trade.

Maize prices in Paris were mixed. Quotes for November 2015 maize gained by over a €1/t during Friday’s session in Paris to settle at €167/t. In contrast, November 2016 maize prices lost more than €3/t to finish at €181/t.

Rape prices continued their recent steady improvement. Prices for November 2015 rape gained almost €1/t to finish at €377/t while prices for November 2016 rape rose by almost €3/t to finish last week at €357/t.

Chicago

In the US, grain prices from the Chicago exchange (CBOT) were less positive than Europe as a result of the USDA report.

Quotes for US wheat were back in price after the latest USDA grain report stated that US wheat exports were largely uncompetitive thanks to the strong dollar and comparatively high prices.

December 2015 SRW wheat prices fell slightly to $187/t (€164/t) while prices for December 2016 SRW wheat closed down $1/t to finish just below $202/t (€177/t).

Despite the USDA grain report stating that maize production in the US and the world as a whole was down in 2015/16, futures prices for US maize fell as a result on Friday’s trade.

Having come very close to the breaking the $4/bu threshold at one point last week, December 2015 maize prices ultimately fell away by over $3/t to end last Friday’s trade at $151/t (€132/t) – its lowest point in over two weeks.

December 2016 maize prices were also in decline – falling by $2/t to finish last week at $161/t (€141/t).