Ascension Day quietens down EU grain markets
Tuesday, 18 May, 1999
EU grains ended the week quietly as several markets
closed for Thursdays Ascension Day Holiday. However, last weeks award of 40,000t for free-market
wheat at a refund of
37.90/t was widely welcomed by the trade, which was expecting only a small award in the remaining weeks of the 1998/99 export season. This week saw no export tender because of the holiday
causing Algeria to postpone its tender to buy 50,000t of soft wheat of optional origin. With French wheat hoping to be the likely choice, prices moved
higher. EU grains continued to focus on the intervention
market, having seen sales from intervention stores
emphasised by MANCOM to clear stocks. German grain prices firmed this week despite slow
milling and compound demand, and followed the German futures
market higher. Most of the remaining demand went to meet immediate requirements before the new crops arrival, offering some mild price support. The volume traded on the exchange in Hannover reached its busiest point since it was first set up in April, exceeding 100 contracts – significantly higher than the 10 contracts seen on average in recent weeks.
EU malting barley prices rose early in the week on continued short-covering, but ended the week lower compared to last week.
Much of the activity was reported as coming from France, where prices moved closer to the intervention level.
In Germany, signs of demand in some regions for specific varieties of malting barley also helped to support prices.
closed for Thursdays Ascension Day Holiday.
wheat at a refund of
37.90/t was widely welcomed by the trade, which was expecting only a small award in the remaining weeks of the 1998/99 export season. This week saw no export tender because of the holidaycausing Algeria to postpone its tender to buy 50,000t of soft wheat of optional origin.
higher.
market, having seen sales from intervention stores
emphasised by MANCOM to clear stocks.
milling and compound demand, and followed the German futures
market higher.
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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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