Grain price: Green lights in the markets
Grain markets were in the green this week. Prices have been increasing over the past few weeks and on Thursday evening (September 10) UK, French and Chicago wheat all moved upwards.
This will be welcomed by tillage farmers currently trying to finish the harvest.
December MATIF wheat finished at €189.75/t on Thursday evening. Chicago Board of Trade (CBOT) corn finished at 365c/bu on the same night.
The rise in prices came ahead of this week’s World Agricultural Supply and Demand Estimates (WASDE) Report which should give a better picture of storm damage to US crops in August.
US crop condition
In the US colder weather has hit some states. Before temperatures declined and frost hit crops crop condition scores were taken by the United States Department of Agriculture (USDA) on September 6.
At this time 15% of corn crops were reported to be in excellent condition, while 46% were in good condition. 25% of the crop was reported to be in fair condition and the remainder was in poor or very poor condition.
In Argentina, some crop yield forecasts have been reduced. The Rosario grain exchange reduced soybean production by 700,000t to 50 million tonnes.
Corn production for 2020/2021 is forecast at 48 million tonnes. This is down three million tonnes from last season. However, reports suggest that recent rain may increase the prospects for corn planting.
Wheat production in the region is forecast at 18 million tonnes.
On the continent this week feed barley (delivered Rouen) was at €173/t on Friday morning (September 11), while Free-On-Board (FOB) Creil malting barley was at €175/t.
Prices from some of the main grain markets are outlined below.