HGCA: Grain markets down; EU rejects bids

• UK: Futures and new-crop fall

  ON LIFFE, March wheat futures were down 1.50 at 68.00, while May and July dropped by 1.20 and 1.25.

  New-crop prices were also down, by up to 2, with a flat forward market for April and May and very limited movement.

  Latest Extrastat figures put UK wheat exports to non-EU destinations at 93,000t for January, taking the cumulative total to end-January to 312,000t. Full data are available at www.hgca.com

  MAFF released its December 2000 survey this week. Of UK autumn and winter crops sown by 1 December, wheat is at 1.356m ha, down 35% on December 1999. Barley is at 466,000 ha and oats at 71,000ha.

• EU: Open-market bids rejected

  THE EU rejected all bids for open-market wheat refunds at last Thursdays MANCOM meeting, deeming them uncompetitive.

  Traders bids came in between 7.75 for a volume of 8500t rising to 12.50/t, well above the Commissions calculated refund level of 7.50.

  Poland is to import 250,000t of duty-free wheat, effective from 19 March to end-June.

• World: Chicago down as US raises forecast

  CHICAGO wheat futures ended the week down with Mar wheat seeing losses of 10-30¢, to close last Friday (09 March) at $99.29.

  The US Department of Agriculture raised its forecast of 2000/01 wheat productiom by 0.9m tonnes to 580.38m tonnes.

1=63.04p; £1=1.586/ DM3.103/ FF10.405/ IR£1.249/ $1.457 on 14 March

Taken from HGCA weekly MI Bulletin To contact the HGCA phone 020 7520 3972 Click here to visit the Home-Grown Cereals Authority