Chinese buyers push Irish grain prices up €20-25/t
FORWARD prices for grain are running €20-25/t ahead of last year as strong Chinese buying continues to underpin global cereal markets. Wheat off the combine this harvest has hit around €180-182/t, with barley at €168-170/t as global demand for grain continues to hold firm.
With no carry-over of wheat or barley forecast ahead of this autumn’s harvest, the market for dried grain has also improved. Up to €260-265/t is reported to have been paid for dried wheat out of the store over the last few days. The buoyant world trade for grain has been reflected in stronger forward price announcements from Irish buyers recently. The latest forward harvest prices from Glanbia has green wheat at €168/t and green barley at €156/t, but industry sources point out that co-operative loyalty bonuses will add a further €10-12/t to these prices.
Forward prices for beans are also stronger. Dairygold is on €240/t for beans, which is €20-30/t ahead of 2020 levels. The latest FOB Criel for malting barley, which is used by Boortmalt to set the malting barley harvest price, has hit €213/t. The improvement in global grain prices is being driven primarily by a surge in Chinese activity. Grain imports by the Asian giant have been forecast by the UN to double this year as the country’s sow herd recovers from the devastating impact of African Swine Flu (ASF).
Read the full article at: www.independent.ie