Maize crop forecasts spark grain price fall
Published 19/01/2010 | 05:00
Record figures for maize production released by the United States caused a fall in grain prices on the commodity markets last week.
The latest US Department of Agriculture survey predicted a 6.3m tonne increase in world maize production compared to its December figures.
This latest increase brings the expected world maize harvest to 796.5m tonnes and US production to 334m tonnes.
Commodity traders subsequently sold considerable amounts of grain stocks, causing prices on the major markets to fall.
Maize prices fell by 7pc and wheat fell by 6pc on the US markets.
Closer to home, wheat prices on the French MATIFFE market fell by 3pc and feed wheat on the London LIFFE fell by 1.5pc.
In monetary terms, French milling wheat fell by €4/t, from €134-136/t to €130-134/t.
Spot prices for Irish barley fell by €2-5/t, from €120/t to €115-118/t.