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Buyers wait for new crop – HGCA

- 06 June 2000
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  • European wheat trade is very quiet now, with very few prices being quoted as buyers are waiting for the new crop.
    As with the previous few weeks, old crop prices are down on last week. One factor that is contributing to the price fall is the recent depreciation of the dollar against the Euro, reducing the chance of exporting without a refund.

  • European malting barley old crop is seeing the odd bit of export business in an otherwise finished market.
    Interest from Brazil, India, and Eastern Europe continues to support the market.

  • So far this season, the balance of EU cereal intervention stocks is at 10.5M tonnes. Of this, wheat is at 3.6M tonnes, and barley is also at 3.6M tonnes.
    A total of 13M tonnes have been sold from intervention so far, with another 1.7M tonnes still offered for sale.

  • German crops are reported to be in a very good condition in the mid-west and of average quality in lower Saxony and the Northeast.
    The harvest of winter barley is expected to start in the Southwest in the very near future, and reports of demand for new crop feed barley have already been coming in.

  • Danish malting barley prices fell last week compared to the previous week. It is thought that a lack of buyers combined with available supplies caused the fall.
  • Italian wheat prices were all down last week on the approaching harvest. Demand for wheat is reported to be very quiet with most processors covered, with some using this quiet time to do maintenance work to their mills.
  • Spain is set to begin harvesting their new crop very soon, which is continuing to depress old crop prices.
  • Euro1 = 62.3p at time of writing.

    HGCA

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

    Click here to visit the Home-Grown Cereals Authority

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