Currency boosts delivered grain markets HGCA

  • Delivered markets responded to currency this week, but opportunities also arose as consumers needed to buy large amounts for immediate requirements.
  • Traders noted that between 10 to 15% of the UK wheat crop is cut, with early signs pointing to possible variable protein levels.
  • Recent showers, and the forecast for more, made traders note that the assumption of a good-quality UK harvest has some way to go before being realised.
  • Milling wheat prices were also higher, with Group 1 wheat fetching around £12 over feed and Group 2 wheat around £8.
  • Recent support from consumer short-covering could continue if the harvest remains intermittently disrupted by the weather, traders noted.
  • Some interest in UK grain for export was reported, over the week, as French grain prices continued to firm.
  • Despite a higher level of interest, farmers were reported to be reluctant sellers at prices offered, and with the wheat harvest being interrupted by rain, domestic demand was proving to be sufficient for the available amounts.

    Taken from HGCA weekly MI Bulletin
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