French wheat, maize and oilseed rape prices all dropped over the past week, while UK wheat was also down, but had not seen the same decline over recent weeks, compared with French prices.The French wheat price for December closed at €217.50/t on Friday 25 April, down €3/t over the week.
French wheat, maize and oilseed rape prices all dropped over the past week, while UK wheat was also down, but had not seen the same decline over recent weeks, compared with French prices.
The French wheat price for December closed at €217.50/t on Friday 25 April, down €3/t over the week.
On Tuesday night (29 April), it closed at €214.25/t, down another €3.25/t. This is a drop of over €10.25/t since 4 April.
Agritel reported this week that the September French price fell to its lowest level since December 2022 when it hit €207/t. On Tuesday, it fell further to €205.75/t.
Currency continues to play a role and is bringing down the competitiveness of EU grains and oilseeds, as the euro is stronger than the dollar.
Last week, 74% of France’s soft wheat crop was reported to be in good or excellent condition, down slightly from last week, but well ahead of last year.
The French oilseed rape price for November fell €5.25/t last week to €474.25/t on Friday. That price jumped to €479.75/t on Monday, but fell back down to €474/t by Tuesday evening.
US prices
In the US, wheat and maize prices fell, while soybeans increased.
Soy prices coming into the country are reported to be well down. Having held at €390/t ex-port for much of March and April, soya is now reported at €365/t.
As we’ve reported over the last few weeks, there is drought in many US states.
Rain last week helped some crops. Some 49% of crops were reported to be in good or excellent condition this week, which is up from 45% last week. This was not likely to increase prices.
Maize
Some 24% of maize was planted at the start of this week – that area has doubled in a week.
The maize area is expected to increase this year and the pace of planting suggests that the increase may happen. Maize planting is 2% above the five-year average. Soybean planting progress is 6% above the five-year average.
Maize prices are currently falling with wheat. An increase in area could pressure prices to fall further. A low maize price is not good for grain prices in Ireland.
Reuters reported this week that market speculators were betting positively on corn and soybeans, hoping that talks with trading partners might help with US grain exports.
Reuters also reported that “an efficient start to spring planting” and good prospects for crops in South America were not supportive of prices.
Dry weather in Brazil in the coming days is expected to hit corn yields on the countries second maize crop.
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