EU grain report from HGCA
Tuesday, 8 June, 1999
French wheat gained some price support from
Algerias latest wheat purchase, which took the total
bought to 125,000 tonnes under a May 31 tender. Rumours of possible Libyan interest also added to
the markets positive tone. German wheat saw trade largely restricted to
meeting old crop contracts with little fresh demand
on the domestic and international front. Millers have stopped asking for intervention wheat, although this
is only expected to be a temporary move. Despite
this, wheat prices ended the week largely unchanged. ZMP, the German market reporting agency,
reported a small proportion of feed barley, damaged
in farm storage. The problem, noted too ate to
prevent the barley from reaching the market, has
been serving to keep prices under pressure. Iberian grain prices received support from short-covering
over the week with several regions reporting light stocks.
Slow farm sales have added to the situation because of low farm-gate prices. ONIC, the French Cereals Authority, reported total
French grain intervention offers reached 8.87M
tonnes to 31 May; the close of the intervention
season.
Of the total, an estimated, 6.97M tonnes is
expected to pass the intervention quality testing. German grain intervention stocks as of 31 May,
were reported at 5.05M tonnes. This includes a total
of 2.45M tonnes of barley, 1.74M tonnes of rye and
0.7M tonnes of wheat. Last weeks award of reduced- levy maize to Spain is
expected to be the last granted before the summer
so as to avoid coinciding with Spains summer
harvest. The news of this largely helped to support
prices and is expected to continue to do so over the
coming weeks in the face of strong demand.
Algerias latest wheat purchase, which took the total
bought to 125,000 tonnes under a May 31 tender.
the markets positive tone.
meeting old crop contracts with little fresh demand
on the domestic and international front.
is only expected to be a temporary move. Despite
this, wheat prices ended the week largely unchanged.
reported a small proportion of feed barley, damaged
in farm storage. The problem, noted too ate to
prevent the barley from reaching the market, has
been serving to keep prices under pressure.
over the week with several regions reporting light stocks.
Slow farm sales have added to the situation because of low farm-gate prices.
French grain intervention offers reached 8.87M
tonnes to 31 May; the close of the intervention
season.
Of the total, an estimated, 6.97M tonnes is
expected to pass the intervention quality testing.
were reported at 5.05M tonnes. This includes a total
of 2.45M tonnes of barley, 1.74M tonnes of rye and
0.7M tonnes of wheat.
expected to be the last granted before the summer
so as to avoid coinciding with Spains summer
harvest.
prices and is expected to continue to do so over the
coming weeks in the face of strong demand.
Taken from HGCA weekly MI Bulletin To contact the HGCA phone 0171-520 3972 Click here to visit the Home-Grown Cereals Authority |
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