Grain markets were falling on Wednesday morning and afternoon after the US and Iran agreed a two-week ceasefire.

Rapeseed prices dropped dramatically. Oil prices dropped on Wednesday morning after the announcement.

It is yet to be seen how the news trickles down to fuel and fertiliser markets. Supply chains will not be fixed straight away.

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Markets had been driven by news from the war and announcements by US president Donald Trump.

The euro climbed on Wednesday. It went from €1:US$1.15 over the weekend to €1:US$1.17 on Tuesday and Wednesday.

Markets were closed on Good Friday and Easter Monday.

The French Matif wheat price for December closed at €218.75/t on Thursday 2 April. On Tuesday 7 April, it was at €218.75/t and on Wednesday afternoon had fallen to €214.25/t.

US wheat for December fell 18.50c/bu, corn for December fell 6.75c/bu and November soybeans fell 3.50c/bu on Wednesday afternoon.

UK wheat for November dropped £4.15/t by Wednesday afternoon.

With fertiliser prices high, it looks like there is a turn towards soybeans instead of corn in the US.

Argus Media this week reported that northern hemisphere planting is driving debate “in a context of very high fertiliser prices”.

It also reported that “the condition of wheat coming out of winter in the Black Sea basin and the United States is being closely monitored”.

Oilseed rape

Oilseed prices continued to be affected by oil prices and policies on reducing dependency on fossil fuels by countries around the world.

On 31 March, those prices reached a peak at €509.50/t. After falling below €500/t, they climbed to €504.75/t on Tuesday 7 April, but on Wednesday afternoon were at €493.50/t.

Malting barley

Many farmers are wondering where malting barley prices are. Some received a fixed price offer of €225/t from merchants supplying Boortmalt in recent weeks.

When that came out the Irish Farmers Journal’s market indication for Planet malting barley for next harvest was at around €194/t. That price looks to have dropped back to around €191.50/t now.

Native prices

At home, prices remain relatively stable for spot barley and wheat, generally reported at or below €225/t. Imported maize is steady. The issue was for feed mills accessing imported feed stock from ports blocked by the fuel protests.

The Irish Grain and Feed Association said Foynes and Ringaskiddy were reported to be worst affected. There is still Irish grain in sheds, so this may be easier to move if access to other sources is restricted.