HGCA: Further EU refunds awarded

THE EU awarded 199,000 tonnes of open-market wheat at a maximum refund of 13, up from previous weeks levels of E7.50 .

The higher refund reflects largely a stronger Euro.

Other news saw the EU introduce a negative corrective for June and adjust standing refunds for wheat flour.

THE EU has proposed increasing expenditure of the CAP by 971 million to help finance BSE-related measures.

The funds raised would cover the EUs “Purchase for Destruction” scheme for older cattle.

This should reduce the EUs surplus beef supplies.

If agreed, this may lead to a decline in expenditure in other areas.

THE ECB left interest rates unchanged for the Euro zone at 4.5% last week in its monthly meeting.