IFA tells growers not to sell short as global grain prices continue to rise

Grain growers should not sell short as international grain prices continue to harden, IFA national grain committee chairman Noel Delany has warned.

European grain prices increased again this week as the latest crop reports from the US, Russia, and the Black Sea region continued to pare back this year’s maize and wheat yield potential, he pointed out.

“With harvest running late here and across Northern Europe feed grain prices for harvest collection continue to move higher. Dried barley is trading from €238/t to €240/t but still lagging imported prices.

“International grain prices have moved higher as the latest maize crop reports from the US point to further deterioration in this year’s crop, with some analysts predicting a yield of as low as 120 bushels/acre compared to July forecasts of 148 bushels/acre. Tight world maize stocks, coupled with an ever-reducing yield forecast, continues to underpin native feed barley and wheat prices. Milling wheat prices have also moved higher as drought hits Russia’s main wheat belt and rain delays the Northern European harvest. A number of private analysts are predicting that Russia may impose export restrictions on milling wheat.”

Mr Delany said the past month had been extremely difficult for tillage as they watched the weather take its toll on crops. “However, growers need to remain vigilant when selling grain as prices move on a daily, if not hourly basis. It is important to check out prices before making a decision and not be talked into off loading grain below its market value.”