Tuesday, 10 August, 1999
The EU barley harvest is progressing rapidly according to Gersons, the malting barley trader.
French wheat prices rose over the week towards intervention price levels, continuing the trend of recent weeks. Harvesting of the wheat crop is near completion and a large share is expected to be of intervention quality.
German feed barley prices moved higher this week, supported by lower market offers.
The German cereal harvest in “early harvest” regions has finished. The overall feed and malting barley quality is reported as mainly positive although some regions have suffered a possible loss in the malting quality of spring barley due to dry soil.
The quality of German wheat is varying from region to region. Wheat on lighter soils has been affected by low moisture, with protein levels for feed wheat below those of last year.
Danish feed wheat export prices were reported as receiving some price support over the week on increased buying interest. Danish prices are now in direct competition with French and UK prices.
The Spanish barley crop may be up to 40% lower after the most severe drought on record for 50 years. Some analysts have, however, suggested the loss in output could be significantly greater.
Italian grain prices moved higher following both the rise in maize prices and the development of the French crop. The French maize harvest has been delayed by rain.
Quality is extremely high although weights and yield are lower compared to 1998. Protein values are between 9 to 10% which is reportedly meeting minimum buying specifications.
Taken from HGCA weekly MI Bulletin
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