Grain price: Markets down from high hit almost 2 weeks ago
Grain markets moved down this week. Fears of the coronavirus are no doubt having some impact on this downward movement.
Meanwhile, strikes mentioned in last week’s report continue in France, making it difficult to move grain efficiently.
Looking ahead to next season, the Russian Agriculture Ministry has estimated its 2020 grain crop at 125.3 million tonnes, up from the current estimate of 120.7 million tonnes for 2019.
Price rise didn’t last
The rise in prices seen two weeks ago was short-lived. On January 21, LIFFE wheat for May hit £158.70/t and is now back down to £151.70/t.
MATIF wheat hit a peak on the same day. On January 21, MATIF wheat for May was at €196.50/t, but had dropped to €190.75/t by Friday afternoon, January 31.
Nearby prices are listed below, but it is worth noting that new crop wheat is not performing in the same manner. On Friday afternoon, MATIF wheat for September was at €183.50/t, €8.00/t behind the nearby March price.
LIFFE wheat for November was ahead of the March price. It sat at £160.75/t on Friday afternoon. Chicago Board of Trade (CBOT) wheat and corn for September were trading above nearby prices.
Meanwhile, a FOB Creil two-row malting barley spot price of €161.00/t for old crop grain was available on Friday afternoon.