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HGCA reports old-crop up, new-crop down

- 11 July 2000
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  • Last week old-crop delivered prices closed generally higher, while new-crop prices ended lower.
  • Feed wheat prices for July and first-half August delivery gained 1-2.50/t. A lack of supply availability, alongside light but continued spot demand, helped to propel prices higher. The supply issue is reportedly tightest across northern counties.
  • New-crop prices were pushed higher mid-week by the weaker Pound. Once the decision to leave respective UK and EU interest rates on hold was made, the Pound regained some value against the Euro. By Friday, this had reversed cereal price gains, leaving November deliveries priced at around 2.50/t over November futures, or 1/t lower on the week.
  • Traders reported another very quiet week for grain markets in general, with little fresh information to lead prices significantly away from their present values
  • UK export markets remained quiet again last week, with little trade reported.
  • In absence of new market factors, and with farm supplies remaining slow and foreign demand lacklustre, UK FOB prices failed to move significantly. In this impasse, currency movements remain one of the key influences. Sterling managed to appreciate slightly against the Euro, hence cereal prices dipped 50p-1/t.
  • Euro1 = 62.8p, 1 = Euro1.5924 at time of writing.

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


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