The past week has seen flat to slightly negative price movement in international futures markets, especially on wheat. The French MATIF December wheat futures price closed on Tuesday at €179.50 compared to €181.50 at the end of last week.
The downward movement was largely precipitated by lower than expected US wheat export sales but a lowering of global wheat production numbers by the International Grains Council (IGC) to 762m tonnes is providing a level of counterbalance in price sentiment. This report still shows an increase in global wheat stocks (271m tonnes) relative to last season, while maize carryover stocks have been lowered to 278m tonnes. But total grain stocks of 592m tonnes would be the lowest since 2105.