Grain prices are not in a good place at present, but on a positive note were in the green on Wednesday afternoon. As harvest progresses in Europe, a better picture of yields will start to form.

French wheat for December has fallen massively in the last 10 days or so. On 5 July, it closed at €235/t. A week later on 12 July, it was at €228.75/t. This week, it fell to €221.75/t on Tuesday and on Wednesday afternoon was at €224.50/t.

Some buyers on international markets may have led to a pick-up in the price this week. Russia continues to compete with European grain to keep prices from rising too much.

Corn is a commodity that we always need to keep an eye on. Drought looks to be affecting the crop in eastern Europe, according to reports.

High temperatures are hitting crops in Romania and Ukraine, according to Agritel.

French maize for November was at €212/t on Wednesday afternoon, up from €210/t on Friday.

Oilseed rape prices look to be following other oilseed prices down. The November price plummeted from €514.50/t on 5 July to €479.75/t on 12 July. However, the price picked up this week. On Wednesday afternoon, it was at €482/t.

WASDE report

The United States Department of Agriculture released its World Agricultural Supply and Demand Estimates (WASDE) report on Friday 12 July.

That report forecast larger supplies of US wheat and global wheat supplies due to increased production in the US, Pakistan and Canada.

Canada’s production was increased by 1m tonnes to 35m tonnes due to improved moisture conditions in the prairie provinces.

US corn and oats production was also forecast up. Global coarse grain production, which includes corn, oats and barley, is forecast up 1.2m tonnes to 1.512bn tonnes.

Corn production is estimated up. However, barley production is estimated down based on cuts in Canada, the EU and Russia according to the report.

US oilseed production was forecast up 300,000t from last month.

Foreign oilseed production was reduced in the report based on lowed sunflower production. However, rapeseed production is up slightly.

Sunflower yields were forecast down in Russia and Ukraine due to dry and hot weather in the report. Rapeseed production was forecast up, with production increased in the EU and Canada.

Native prices

Barley was reported at around €215/t for spot and November. Wheat was at approximately €233/t for spot and November.

Maize is available at €215/t ex port.