Taken from HGCA weekly MI Bulletin|
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EU wheat prices rise HGCA
Tuesday, 04 April, 2000
European wheat prices were firmer last week helped by growing demand. Most milling wheat prices gained 1-3 in value on last week. Feed wheat was also up with some countries seeing a gain of over 3. The large Mancom award on Thursday, 23 March also helped to consolidate these higher prices.
Barley prices rose last week as some traditional importers such as Saudi Arabia started showing renewed interest in European barley.
EU maize prices went up as a result of a delay in the voting on the level of quotas Spain is to receive for reduced-levy maize. Traders in Spain and Portugal are currently purchasing French maize which is supporting French prices.
European feed grain prices ended the week firm, although further price rises could be limited as many co-operatives have sold grain into intervention, so
reducing the level of grain for free market export.
French wheat prices were supported last week following an agreement to supply Egypt with 1 million tonnes of wheat to help improve their flour production.
German grain producers remain reluctant sellers, while farm stocks are reported to be depleted in west and south Germany. A tight wheat supply is supporting other feed grains, although barley prices continue to reflect the intervention level. Prices for quality German wheat were supported by improved export demand, as Algeria purchased 50,000 tonnes.
Italian maize prices increased by 4.10 in Milan last week as North Italian feed compounders began ordering new crop maize for the first time since the
bird flu epidemic.
1 = 60p at time of writing.
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