EU export policy unchanged: HGCA
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MANCOM awarded free-market zero refunds for 93,000 tonnes of French wheat and 93,150 tonnes of barley.
It also awarded 262,630 tonnes of German intervention barley at a minimum price of
101.34/t. Bids came in just above the 2001/02 intervention price of 101.31/t.
- ECB cuts interest rates
THE European Central Bank cut interest rates 0.25%, bringing euro-zone rates to 4.5% on Thursday (10 May).
The Euro weakened against the Dollar over the week, ending almost 2US¢ down by Friday (11 May).
- Spanish winter cereal area down
SPAINS Agriculture Ministry forecast 2000/01 winter cereal area at 5.75m hectares, a fall of 8% on 1999/00. Of this, wheat and barley areas were cut by 6.7% and 10% respectively.
- OECD charts European farm support cut
THE OECDs measure of farm support in 2001 – as measured by the Producer Subsidy Equivalent – puts the fall in EU support at twice the level of the average decline in other OECD countries.
The PSE was put at 38% in the EU, 9% down on last year, mainly due to the fall in export subsidies.
- 1 = 61.72p or 87.46US&¢ on 15 May
Taken from HGCA weekly MI Bulletin
To contact the HGCA phone 020 7520 3972
Click here to visit the Home-Grown Cereals Authority