Declines of 5% were recorded in wheat prices midweek while MATIF Dec 22 wheat prices were trading in a narrower price range over the past week.
Dry weather in many key maize-producing countries is helping offset some of the decline in wheat prices. Information on the maize harvest from late September onwards will be an important driver of future prices (AHDB).
Paris rapeseed Nov 22 markets have fallen this week as a result of lower crude oil prices and a better weather outlook for US soybeans. The market closed on Wednesday at €615/t, down €17.25/t since Monday.
Glanbia offered €280/t for green barley and €295/t for green wheat this week.
International outlook
Grain vessels continue to access and depart the Black Sea ports in Ukraine. While the quantity and pace of exports remain low, this is imposing real downward pressure on prices.
The World Agricultural Supply and Demand Estimates for August, published by the USDA last Friday, show global maize output for 2022/23 reduced by 6.3 million tonnes compared to July. Total production is now forecast at 1,179.6 million tonnes, largely on the back of ongoing dry weather conditions in the US, the world’s largest maize exporter. However, the USDA also reduced its EU maize forecast by 8 million tonnes.
Meanwhile, global wheat output was increased by 7.96 million tonnes to 779.60 million tonnes as a result of a very large Russian crop and good crop condition in Australia. The USDA pegged the Ukrainian corn crop at 30 million tonnes for 2022/23.