Tuesday, 28 March, 2000
European milling wheat prices were mainly unchanged last week. Support was derived from Algeria, which purchased 100,000 tonnes of French wheat. A possible tender for a further 50,000 tonnes of German origin wheat also supported the market. Feed wheat prices were up with Ireland seeing a 2.5 improvement on last weeks price.
European feed barley markets were firmer last week as a result of Morocco buying 50,000 tonnes of any origin feed barley. Prices were generally up around 0.5-1 across Europe.
Malting barley prices across Europe were generally down around 1 on the previous week despite growing interest from China and the apparent lack of supplies in Eastern Europe.
French milling wheat prices were unchanged last week, while feed wheat prices were up 0.2. Even the large MANCOM award last Thursday failed to stimulate French wheat prices on Friday.
Germany has had steady barley and rye offers into intervention from the north and eastern regions. A total of 3.698 million tonnes of grain have been offered into intervention so far. The wheat market is still able to absorb the milling and quality feed grain that is coming onto the market. Wheat prices are still firm, up about 1 on the previous week, with support coming from France and due to the fairly tight domestic supply.
Denmark feed wheat prices rose 1.7 on last week, but malting barley prices fell by 3.8. These changes have been attributed to technical changes in the market. China imported 27% more Danish malting barley in 1999 compared to 1998, whilst exports to EU countries fell.
1 = 60.87p at time of writing.
Taken from HGCA weekly MI Bulletin
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