Europes grain prices lower in a quiet market – HGCA
Tuesday, 23 May, 2000
Most European grain prices were generally lower last week, despite Morocco tendering to purchase 120,000t of optional-origin wheat and 60,000t of optional-origin barley. Overall, the European market is very quiet, with many players looking towards the new-crop campaign.
The MANCOM award of just 93,000t of free-market wheat on 11 May had a negative impact on wheat prices over last week. The small award implied that the EU grains panel would probably sell wheat from intervention stocks rather than from free-market sources for the rest of the season.
European malting barley prices fell again last week as consumer interest for old-crop faded fast. Indeed, old- and new-crop prices are narrowing as the harvest approaches. Despite little domestic activity, export possibilities remain. New-crop trade for French Esterel has been reported.
France is expected to harvest a larger wheat crop this year after slightly higher planting areas. Coceral recently estimated that overall cereal production will
be 65.8 million tonnes and soft wheat production 36.7m tonnes. Spanish grain prices fell last week on better harvest 2000 prospects and the arrival of reduced-levy maize from Argentina. This is now depressing Spanish domestic prices in the feed barley and feed wheat markets.
1 = 60.5p at time of writing.
be 65.8 million tonnes and soft wheat production 36.7m tonnes.
Spain is also likely to be a net exporter of barley next season, a change from two months ago when it looked like total demand could only be met by imports.

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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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