By FWi staff
THE current good weather is seeing wheat fields around the country ripening rapidly. In some regions, combines are expected in fields within three weeks.
Attention is now focusing towards the new crop as the home market remains very quiet.
Values have remained stable although the price of new crop wheat is trading £10 below the old crop.
Producers with old crop left to market should consider their options soon, said a spokesman from the Home-Grown Cereals Authority (HGCA).
Ex-farm feed wheat values inched up to £81.80/t over the week while milling wheat climbed almost £1 to £88.55/t.
July futures lost £1 to £83.50/t while November contracts nudged up to £76.25/t.
Traders continue to claim that very little is being sold forward compared to normal, an indication that growers are waiting to see what happens to the value of wheat.
The European market is also quiet, with only marginal export demand coming forward, said Cargills Ian Wallis.
“Iraq issued bids to French traders for an undisclosed volume of wheat, but the deal was eventually rejected as the terms were considered unacceptable,” he added.
Sterling weakened slightly against the Euro last week marginally increasing the UKs export competitiveness to match the French.