HGCA: Euro closes on Dollar

Tuesday, 09 January, 2001

  • The Euro strengthened to over US$0.95 on concerns about a potential slowdown in the US economy. This represents a 15% recovery on the late-October low of below $0.83.

    The Euro, however, still remains 19% below its launch value of $1.18.

    Meanwhile, MATIF old-crop wheat eased around Euro1/t on pre-Christmas levels.

  • Wheat refunds as Euro strengthens

    The EU continued to grant positive wheat refunds last week, awarding nearly 0.4m tonnes at a maximum refund of Euro8/t.

    The 21 December MANCOM also saw over 0.2m tonnes granted at a maximum refund of Euro5/t. The move reflects the recent weakness of the dollar.

    The EU continues to grant free-market barley export licences only at zero refund.

  • EC to sell French intervention wheat

    The Commission opened a tender to resell 250,000 tonnes of French intervention wheat on to the EU interior market. The sale will begin this month and run to the end of February.

    They also warned further sales could take place. Import duties were also revised on o1 January, 2001 for all grains, largely due to the stronger Euro.

  • Euro1 = 63.28p or 94.97US&#162 on 08 January

    Taken from HGCA weekly MI Bulletin
    To contact the HGCA phone 020 7520 3972

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