HGCA: Euro steady against Dollar
Tuesday, 16 January, 2001
THE Euro ended the week at 95US¢, similar to last weeks close. Against Sterling, it ended the week around 1/2p higher at 64p.
The Euro is now over 11% stronger against Sterling since its October 2000 low.
ONIC projects that French wheat area will fall by 6% (0.3m ha) for harvest 2001 to 4.62m ha.
Barley area is down 1% (3500 ha) and total grain area down 5% (0.3m ha).
THE EU granted over 0.5m tonnes of wheat export licence at a maximum refund of €6.50/t. The refund was lower on the week, helped by a steady Euro and stronger US markets.
Barley is still being awarded at zero refunds.
ALSO last Thursday, the EU added a further 0.25m tonnes of French intervention wheat to the tender of the same volume open for sales to the EU market.
Meanwhile, maize import authorisation under the reduced levy scheme to Spain and Portugal is in full swing. Over 0.7m tonnes have been authorised at the last 2 meetings.
MATIF March wheat futures jumped €2/t Thursday following the export award at MANCOM. At €117.50, this is a €2 premium over intervention.
French delivered milling wheat prices stand at around an 8% premium to intervention, while feed prices are around 1% higher.
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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 |
