Grains
Maize (corn) & Wheat
In December, the CBOT maize price increased by 2.5% m-o-m to an average of USD 233/MT due to
concerns over global supplies, as adverse weather conditions hit key maize regions in Brazil and
Argentina, caused by the La Niña phenomenon. In addition, there is a possibility that US farmers may
plant fewer acres of maize in the 2022 season, amid higher production costs, thus supporting maize
prices. The December average price was 35.5% higher y-o-y indicating the continuation of robust
demand for domestic use, such as ethanol-producing dry mills, wet mills, and livestock feed markets.
The average price of Euronext maize decreased slightly by 0.8% m-o-m, to EUR 243.3/MT in
December, due to wider market selling off amid Omicron coronavirus variant fears. The December
average price was 27.1% higher y-o-y, mirroring the bullish global market, following tight supply
estimates for the 2020/21 MY and weather concerns during H2 2021 across major producing
countries.
The CBOT wheat average price decreased by 3.4% m-o-m, but rose by 31% y-o-y, to USD 290.4/MT
in December. Wheat prices have fallen since the multi-year highs reached in November 2021, as
worries over the Omicron coronavirus variant and easing concerns about the global wheat supply
have encouraged selling. Despite expectations of larger wheat supplies from Australia, Ukraine and
Argentina, broader market issues could lift grain prices in the short term, due to record high input
costs and inflationary pressures.
The December average price of Euronext wheat decreased by 2.7% m-o-m, but rose by 37.6% y-o-y,
to EUR 285.2/MT. The year-end selling, fuelled by Omicron coronavirus worries, took attention away
from underlying wheat supply risks, with adverse crop conditions in the US, Canada and Russia,
together with additional export restrictions planned (15 February until 30 June 2022) in Russia. The
rising forecast for the expected bumper harvests in Australia, Ukraine and Argentina also continued
to curb the Euronext wheat price.
100
130
160
190
220
250
Dec 19 Mar 20 Jun 20 Jun 21 Sep 21 Dec 21
Maize CBOT - USD/MT
Sep 20 Dec 20 Mar 21
CRNC - Maize no 2 CME Chic US (DH-3)
130
160
190
220
250
280
Dec 19 Mar 20 Jun 21 Sep 21 Dec 21
Maize Euronext - EUR/MT
Jun 20 Sep 20 Dec 20 Mar 21
CRNP - Maize yellow A1 Euronext Paris (DH-3)
160
190
220
250
280
310
Dec 19 Mar 20 Jun 20 Jun 21 Sep 21 Dec 21
Wheat CBOT - USD/MT
Sep 20 Dec 20 Mar 21
WHTC - Wheat milling no 2 CME Chic US (DH-3)
160
190
220
250
280
310
Dec 19 Mar 20 Jun 20 Sep 21 Dec 21
Wheat Euronext - EUR/MT Sep 20 Dec 20 Mar 21 Jun 21
WHT2 - Wheat milling Euronext Paris (DH-3)
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