Taken from HGCA weekly MI Bulletin|
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HGCA sees little action in EU market
Tuesday, 29 February, 2000
There was very little fresh market news for European wheat last week, which resulted in marginal market movement.
Morocco bought 70,000 tonnes of EU milling wheat, with 30,000t of it definitely from France. This meant French prices saw some support, trading at about 4% above intervention levels. The remaining 40,000t was of optional origin.
It has been reported that a range of small maltsters are active in the EU malting barley market, which is supporting prices. Prices are trading between 8 and 34% above intervention levels. The main activity is in Germany, where purchases are mainly for lower grades of spring barley.
Milling activity in Italy is typically quiet for this time of year. Reports suggest that domestic prices are under pressure as a result of large stocks present in the northern ports of the country. Meanwhile, demand for animal feed is still low after the flu epidemic last December, which is still depressing prices.
German and Russian interest for Danish malting barley did not stop Danish export prices ending the week lower from the previous week. Danish feed wheat export prices also ended lower on a lack of availability for exports.
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