HGCA charts weaker UK markets

SPOT feed wheat prices saw falls of between 50p-1 in most positions amid quiet markets for the third consecutive week.

Old-crop bread-wheat premiums were maintained at 12.50 basis Liverpool, while new-crop traded at around 20 for October/December 2001.

Markets followed currency movements over the week on a lack of fresh other fundamental news.

With little interest for new-crop, export and delivered markets continued to focus on the nearby as most buyers are reportedly well covered to March.

LIFFE wheat futures also ended lower mainly due to currency with little other market news to influence price direction.

MAFF released its provisional estimate of UK farm incomes last week, putting total income at 1.88 billion, a decline of 27% in real terms from 1999.

This equates to a total income of 8500 per head this season, compared to 11,300 in 1999.

The strong Pound, lower commodity prices, higher input costs and adverse weather conditions are noted as underlying causes.

• www.maff.gov.uk