Matif wheat has remained in its recent range this week. It closed last week at €240.25/t, up €3/t on the week before. However, that price had fallen back to €234.50/t by Tuesday.

The December 2024 price closed last week at €246/t and by Tuesday evening was at €242.75/t.

European maize prices followed a similar trend. November 2023 and 2024 Matif maize closed last week at €206.75/t and €220/t respectively, both fell by approximately €3/t by Tuesday. The price didn’t seem to take into account a drop in European production, possibly as the Global maize supply is expected to be high.

The European Commission published its crop monitoring report for October this week. Grain maize yields were reported down in the report by 5% from the five-year average and 2% from the previous month’s report.

Dryness in the southern hemisphere may now be impacting on planting. The Agriculture and Horticulture Development Board in the UK noted that maize planting progress in Argentina may be something to watch, although maize supplies are good globally.

Rain fell recently in Australia and while wheat yields were forecast down previously they are likely to increase somewhat again.

Winter planting has been hampered in countries like Finland and Sweden, as well as Ireland, but countries like France and Germany are progressing well with winter cereal planting.

Oilseed rape prices flop

Matif oilseed rape prices for November 2023 flopped last week, before recovering slightly this week. The contract comes to an end in the coming days and hit a low of €391.25/t on Monday evening, before recovering somewhat to €405.50/t on Tuesday.

Prices for 2024 then began to follow the downward trend. The November 2024 price went from €451.75/t on Friday, 20 October to €444/t on Monday and €437/t on Tuesday.

Good progress with the US soybean harvest is reported to be weighing in on oilseed markets. As of 22 October, 76% of the US soybean crop had been harvested. This is up 14% on the week before and up 9% on the five-year average for the time of year. The corn harvest is reported to be 59% complete.

In Brazil, dry weather in some parts is reported to be disrupting soybean planting progress and may impact on yields.

Prices at home

Most merchants have now finalised prices so farmers can settle up their final payments if they have not yet done so.

If you have settled prices with your merchant or co-op let us know some of the details by emailing tillagenews@farmersjournal.ie.