Native grain prices rose earlier last week (15 July, 2022), but daily gains have struggled to hold overall, according to the IFA. Grain market prices fell on 14 July, 2022 in response to news that a deal on export corridors from Ukraine could be brokered next week.
However, native green prices increased slightly – Glanbia offered €280 for barley and €290 for wheat respectively.
The Irish winter barley harvest is now underway nationally. Yield reports remain variable with some crops on light soils producing disappointing yields in Munster and south Leinster.
Global grain supply and demand
The world agricultural supply and demand estimates (WASDE) report was published last week by the USDA. Wheat production 22/23 was revised downwards in the report for EU, Ukraine and Argentina as a result of hot and very dry conditions. Decreases were offset by increases for Russia and a higher than anticipated harvested area in the USA.
Strategie Grains has revised EU forecasted wheat production down to 123.3MMT – down 5.2% on 2021. Barley was also revised downwards by 4.8% on 2021. Should these estimates materialise, this will underpin current prices.
The USDA revised US maize production up by 1.14MMT, this bucked an anticipated of trend of lower planted acres and reduced yield potential.