• Delivered feed wheat prices ended last week about 1/t lower.

  • Trading activity in the UK delivered market remains focused on supplying ports while the internal market continues its post Christmas lull. At sub-70/t, ex-farm cereal producers are reportedly unlikely to restart selling.

  • The European Commission lent support to wheat prices on Thursday afternoon following the substantial 315,000 tonnes free-market export refund award. However, support in the UK was not long-lived, as wheat values fell prey to the strengthening Pound by Fridays close.

  • The Bank of Englands decision to raise base rates by 0.25% to 5.75% supported Sterling. In turn, cereal prices drifted lower removing, any mid-week gains.

  • UK export prices ended the week generally 1/t lower, responding to Sterling climbing the equivalent of 2pfg to DM3.14.

  • Traders reported that good port demand continues. They also noted that as farm grain remains difficult to buy, turning export interest into shipments remains difficult.

    HGCA Taken from HGCA weekly MI Bulletin
    To contact the HGCA phone 020 7520 3972
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