Matif wheat for December climbed to €274/t on Monday evening.

On Tuesday, it had dipped back down to €269.50/t, but was still higher than last week’s close of €266.50/t (24 May) and is much higher than the previous week’s close of €252/t on 17 May.

Maize and oilseed rape prices also increased over the week, while Chicago wheat for December 2024 increased by $15.71/bu last week.

Production forecasts are affecting this. The International Grains Council reduced its global wheat outlook for 2024/2025 by three million tonnes.

Weather conditions in Russia and concerns over production remain a watch point, as production forecasts decline.

Ukraine production has also been estimated down from 24.5m tonnes to 23.7m tonnes.

The Agriculture and Horticulture Development Board in the UK warned this week that there is “potential for global demand to soften due to price rises”. There is also the thought that fresh news will be needed to keep prices higher, as markets won’t continue to rise unless there is a reason.


Maize production was also forecast down by 6m tonnes to 1.22bn tonnes.

The decline in yields in Argentina is a big factor in this, as the country’s crop was hit by pest damage.

The second and biggest maize harvest is under way in Brazil and its progress will need to be kept an eye on, as maize supply and prices have a big impact on barley prices here.

In the US, corn planting was estimated to be 83% complete as of 26 May.

The increases in progress in states matched fairly well with what the Irish Farmers Journal saw on the ground last week.

Good progress was made in Michigan, with planting up 25% on last week to 75%.

Indiana also made good progress from 54% to 73%. Missouri was up from 76% to 87%.

Native prices

At home, co-ops offered farmers €202 to €203/t for green barley for harvest 2024.

There was a big difference in offers for wheat, with Dairygold offering €234/t and Tirlán offering €220/t for green wheat for harvest 2024.

Both were on €450/t for oilseed rape.

Spot prices for barley and wheat in sheds presently were reported at approximately €235/t and €245/t in the past week.

The price contributing to Boortmalt’s average harvest price moved to €282/t. This is subject to a €10/t charge, so the price is actually €272/t. At present, the average price, minus the €10/t charge, stands at approximately €257/t.