Tuesday, 8 June, 1999

  • Trading on UK grain markets remained limited last week, with prices generally mixed. The strong pound was seen as the main reason behind the price drop in new crop values, although prices did not fall as much as the rise in the value of sterling suggested.

  • While old crop supplies are reported marketed in the north of the country, supplies are left in the south east. But farmers continue to be reluctant sellers, helping to support old crop prices.

  • Milling wheat prices on delivered markets fell by between 50 pence and 2 per tonne. The lower prices reflect that there is some quality wheat left unsold.

  • However, sterlings current strength has meant that imports of quality wheat (eg US or French origin) may be preferred by domestic users.

  • The current sterling strength has also meant that UK wheat is uncompetitively priced on export markets. Thus, export interest for UK wheat has remained very limited.

    HGCA Taken from HGCA weekly MI Bulletin
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