Record yields predicted as harvest remains lively
The grain harvest progressed well throughout the weekend, with farmers making the most of dry spells before the forecasted downpours are due to hit later this week.
In addition to prices holding well, crops continue to average exceptional yields. Many observers are convinced that the previous record of 10.4t/ha averaged by winter wheat crops in 2004 will be broken if weather permits.
While there are now concerns that storage may become tight and a bumper crop may weaken demand, prices have continued to hold up well, with Glanbia's €154/t for barley setting the base price for all quotes.
The IFA has warned growers not to let talk of turmoil in financial markets and bumper harvests encourage them to accept low prices.
"Cereal prices continue to improve with extremely tight maize stocks and a much reduced US maize harvest," said IFA grain chairman Noel Delany.
"Many buyers are privately acknowledging that green feed barley at 20pc moisture will be at least €160/t, excluding VAT, off the combine. Wheat will make at least €5-7/t over barley."
Mr Delany also highlighted the opening up of export markets for surplus malting barley, with a green price of €170/t as an additional boost to the market.