European wheat and maize futures will commence trade on a solid footing this week after both commodities displayed a strong performance just before the long Easter weekend. By the close of trade on Thursday, prices for wheat and maize had climbed €4/t and €3/t respectively, in three days, with maize recording a one-month high.

A tight market is being cited as the main driver of the price boosts, with data continually showing a lower wheat supply after the small crop of last summer.

Just last week, France AgriMer, the French government crop agency, cut its estimate for 2016-17 ending stocks by 400,000t from last month, further adding to supply shortage speculations.

Europe

There was no trade on the Euronext exchange (MATIF) in Paris on Monday due to the Easter bank holiday but prices did end last week on a somewhat positive note.

Milling wheat increased by €4/t to settle at just under €166/t at the close of trade on Thursday. Maize prices also climbed marginally on Thursday evening to settle at just under €173/t – a €3/t rise.

The price of oilseed rape futures also entered the long weekend on a steady note, coming of the back of fluctuating prices in the preceding week. Prices were up €2/t in the three days to settle at €397/t.

Chicago

Trade was not so strong in the Chicago (CME) last week, however, with May 2017 soft red winter (SRW) wheat falling $4/t to $155/t (€145/t).

For the second consecutive week, US corn prices have shown no weekly change, with May 2017 corn closing at $144/t (€136/t).

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