American maize troubles boost Irish grain prices

IFA has predicted EU and Irish grain prices strengthening, as the US maize crop continues to be downgraded week-by-week, and rising soybean prices lend support to the maize and wheat markets.

IFA National Grain Committee Chairman Noel Delany said: “Irish grain prices firmed further in recent days, as the US maize and soybean yields are revised lower with each passing week. World prices continue to edge higher, despite higher than expected EU and Russian grain yields.”

“Irish growers who tipped and stored grain during the harvest are achieving €7/t to €10/t over official green quotes in addition to free transport. The continuing strong demand for farm-to-farm grain has also helped to raise the floor price for native grain this harvest. Irish grain is extremely well priced against compound feeds and offers the best value-for-money concentrate feed on the market. Farmers should continue to hold out for increased prices, as the market has the potential to rise further, given the deteriorating health of the US maize and soybean crops.”