Delivered feed wheat prices ended last week generally lower throughout England, with prices falling by between 50p and 1.50/t.
Wheat prices continued to sustain exchange rate pressure as they were forced to reflect the increased value of the pound against the Euro. Sterling ended last week about 1.5 (1.1%) higher at 1.63. [Current rate is almost 1.65.]
Traders reported a higher level of activity than has been seen in previous weeks. Demand from ports remained buoyant although buying grain ex-farm remained difficult. Some miller buying was noted for April-May delivery. Until recently, millers have been largely spot buyers.
Prices on UK export markets continued to slide for most of the week, as Sterling remained strong on currency markets.
However, the unexpected downward revision of the 1999 UK wheat crop by MAFF, suggesting a tighter supply situation, improved values on Friday. Hence, the overall weekly price change remained limited.
Trading on export markets was reported active with some barley business reported to North African destinations.