Grain price: Corn silking, cereal harvesting, but quiet grain markets
Grain markets were stable this week. However, the Chicago Board of Trade (CBOT) corn took a slight drop on Thursday evening to 317.25c/bu.
The tariff placed on US maize to Europe has now reduced from €10.40/t to €4.65/t as prices have increased overall.
Corn silking and wheat harvesting
In the US, the Crop Progress Report, published on June 22, showed that 2% of the corn crop is at the silking stage; that’s far from knee high by the fourth of July. 56% of that corn was reported to be in good or excellent condition.
96% of soybeans were reported to be planted, while 89% are reported to be emerged. 29% of the winter wheat in the US is now harvested.
2020/2021 marketing year
The 2020/2021 marketing year is set to begin in the coming days and already there is talk of export quotas.
This week the Agriculture and Horticulture Development Board (AHDB) reported that Russia is proposing an export quota for the second half of the season (January to June) and explained that this “could see front loading of Russian exports intensify at the start of the season”.
While this could pressure prices early in the season it could also offer support in the second half of the season if global grain supplies were to tighten.
Harvesting is underway in many parts of Europe, but it is early to have yield estimates from these crops. In the south-east of England an odd combine has been rumbling, but the main harvest in the UK is set to begin in the first week of July.
Grain markets were relatively stable this week. On the continent, spot prices were available for feed barley of €158/t (delivered Rouen) and Free-On-Board (FOB) Creil of €175/t.
The 2020 FOB Creil price for two-row malting barley closed at €175/t on Wednesday evening, June 24. This brings the average price for Boortmalt suppliers here in Ireland to €172/t for harvest 2020.