Grain price: Will there be pressure on oilseed rape?

Grain markets recovered yesterday (Friday, August 21) following a midweek drop. MATIF wheat for September was at €184/t.

The Irish Farmers’ Association (IFA) reported a November 2020 price (dried) of €196/t for wheat and €173/t for feed barley on August 14. Imports of maize were placed at €175/t for the same time.

US crop tour

The Pro Farmer Crop Tour in the US came to a close on Thursday. Yield measurements were taken from corn and soybean crops across seven states over four days.

Corn supply and price worldwide can impact on wheat and barley prices here in Ireland so keeping an eye on how crops are progressing is important.

Six out of the seven states which were sampled had yield estimates above last year. Minnesota saw the highest yield estimate at 195.08bu/ac, followed by Illinois at 189.04bu/ac. Ohio had the lowest yield estimate at 167.69bu/ac.

On Thursday (August 20), Chicago Board of Trade (CBOT) corn closed at 324.50c/bu, having reached a high of 331c/bu on Monday (August 17).

Oilseed rape

Oilseed rape values may come under pressure in the coming months according to the Agriculture and Horticulture Development Board (AHDB).

Ukraine may have a record sunflower crop this season. The United States Department of Agriculture (USDA) expects Ukraine’s sunflower crop to reach 17.5 million tonnes, while Russia is reportedly heading for the second largest crop at 14 million tonnes.

World stocks-to-use ratio is also set to be the highest it has been in the past three years. The increase in stocks may affect oilseed rape prices.

The November MATIF oilseed rape price closed at €379.50/t on Thursday evening (August 20).

Grain markets

On the continent this week, feed barley (delivered Rouen) was trading at €164/t on Friday morning (August 21). Free-On-Board (FOB) Creil malting barley was trading at €173/t at the same time.