Grain price: Last week saw positive moves
Grain prices finished on a relatively positive note on Friday. LIFFE wheat for November closed the week at £176.35/t, while MATIF wheat for December closed at €201.75/t.
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US corn production is expected to increase by 3% from the 2017/18 season. Storm damage threatened crops in North Carolina, but farmers rushed to get crops harvested before damage could be done.
Meanwhile, in the EU, corn production is set to decrease this season. Grain maize yields are expected to drop by 4.6% year-on-year.
LIFFE wheat hit £180.10/t on September 6 and dropped steadily, hitting £171.50/t on September 17.
However, last week saw a resurgence in the market and throughout the week the price was positive, climbing to £172.75/t on Tuesday (September 18), £175.80/t on Wednesday (September 19) and £175.50/t on Thursday (September 20).
The MATIF wheat price for December tracked a similar trend. It reached its September 10 value of €202/t once again this week. On Wednesday (September 19) and Thursday (September 20) the MATIF price held strong at €202.50/t. It had dropped slightly by Friday (September 21) to €201.75/t.
Chicago Board of Trade (CBOT) wheat picked up at the beginning of last week. It climbed from 506.25c/bu to 522.50c/bu on Wednesday (September 19). It peaked at 524c/bu on Thursday (September 20) before dropping back to 521.75c/bu on Friday (September 21).