European wheat prices steady HGCA
Tuesday, 09 May, 2000
European wheat prices were generally unchanged, with the MANCOM award on Thursday (27 June) largely setting the tone for the week.
European malting barley prices were largely unchanged, with the market thought to be well covered, resulting in no old-crop trade.
French wheat prices were firm last week as the strength of US CBOT wheat futures and the Dollar continues to make European wheat competitive.
German wheat price rises were held back by slow demand.
Italian maize prices received support last week. Feed compounders have reportedly turned to domestic supplies due to the continual weakness of the Euro, which is making imports too expensive.
Spain was granted a licence to import 329,300 tonnes of third-country reduced-levy maize at the MANCOM award on Thursday.
The EU grains committee also awarded Portugal with a licence to import around 187,000 tonnes of third country reduced-levy maize.
Danish markets remained quiet over the week.
1 = 58.5p at time of writing.
Interest from third countries continues to support prices with Ethiopia and Turkey, both said to be active in the market.
It is reported that some good-quality wheat and barley is being sold directly to processors, with the remaining on-farm supplies now on the market.
German stores are reportedly tidying up their stocks ahead of the end of May, when European intervention closes.
This is likely to lower maize prices in Spain over the coming weeks.
Portugal is importing Argentinean maize instead of French maize according to dealers.
Feed wheat suffered from a lack of demand. Only malting barley saw some interest from Eastern Europe, which helped to support prices.

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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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