Grain prices move with the wind
International and domestic grain prices continue to fluctuate as investors swing one way and then the next, depending on which weather report they have access to.
Harvest quotes for green wheat on Friday were €167/t from Dairygold, €166/t from Bretts and €165/t from Glanbia. Forward barley prices ranged from €160/t from Glanbia and Bretts to €161/t from Dairygold.
Milling wheat prices have eased back after last week's spike of €218/t was reached on the back of reports of possible drought in the Ukraine and Russia.
November 2012 futures on the MATIF finished the week down €5.25 to €212.75/t. On the feed grain side, maize prices are on a downward trend as it looks like 2012 will be the largest world corn harvest on record.
Here at home, dried old crop wheat continues to trade at €232-233/t, but new crop dried what has fallen to €203/t for November collection, back from quotes earlier in the week of €204/t to €205/t. Old crop barley prices have moved to €225-227/t.
New crop barley for November collection is trading €6/t under wheat at €196-197/t.
IFA tillage secretary Fintan Conway said prices would remain volatile over the coming weeks as more information is released about crop development and yield potential across the northern hemisphere.
"Markets will be closely watching key weather events and their perceived impact on crop yields over the coming weeks, and this will be key to price direction as we move closer to harvest," he said.