Exports support Europes grain markets
Tuesday, 01 June, 1999
EXPORT business continued to support values in
Continental grain markets over the week. French
milling wheat prices gained from the recent Algerian
wheat purchase, and moved closer to intervention
price levels. Domestic markets saw prices firmer
due to short-covering. THE EU decision to proceed with the next food aid
delivery to Russia, after delays, gave
some price support to the market and helped to
relieve some of the pressure on intervention. The
160,000t of wheat from intervention stores
is of French and Danish origin. NEWS that Saudi Arabia is looking to sell 890,000t of feed barley from its stocks on to its
internal market put pressure on EU barley prices.
Saudi Arabia tends to import 5-6million tonnes of feed
barley a year. INTEREST in German milling wheat was reported
from Holland and Belgium this week. Possible
Tunisian interest was also noted, but for wheat of
superior quality, supplies of which are reported to
be lacking. GERMAN deficit regions saw some demand for old-crop wheat, while most interest is now focused on
new-crop. First indications suggest delivered new
crop values at DM225/t and DM205/t for wheat and feed barley respectively.
Hannover November futures are now trading at
values above the intervention price, gaining support
from EU export sales. IBERIAN grain markets reflected the markets
attention turning to the new crop. Wheat prices
received help from short-covering and a firmer
French market. SMALL volumes of Greek durum wheat have been
imported into Spain, and are expected to continue
over coming weeks because of the recent drought
problems. Durum wheat, however, does not
compete directly with other EU wheat.
Continental grain markets over the week. French
milling wheat prices gained from the recent Algerian
wheat purchase, and moved closer to intervention
price levels. Domestic markets saw prices firmer
due to short-covering.
delivery to Russia, after delays, gave
some price support to the market and helped to
relieve some of the pressure on intervention. The
160,000t of wheat from intervention stores
is of French and Danish origin.
internal market put pressure on EU barley prices.
Saudi Arabia tends to import 5-6million tonnes of feed
barley a year.
from Holland and Belgium this week. Possible
Tunisian interest was also noted, but for wheat of
superior quality, supplies of which are reported to
be lacking.
new-crop. First indications suggest delivered new
crop values at DM225/t and DM205/t for wheat and feed barley respectively.
Hannover November futures are now trading at
values above the intervention price, gaining support
from EU export sales.
attention turning to the new crop. Wheat prices
received help from short-covering and a firmer
French market.
imported into Spain, and are expected to continue
over coming weeks because of the recent drought
problems. Durum wheat, however, does not
compete directly with other EU wheat.
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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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