HGCA: UK grain markets quiet pre-Easter

DELIVERED old-crop feed wheat prices were unchanged to 50p weaker, trading in the high-70s to low-80s.

Attention was still focused on the domestic situation, with the UK cited as uncompetitive compared with other EU wheat suppliers.

Prices were supported by firm demand and a lack of farm grain coming forward.

Feed barley prices are currently seeing a discount to feed wheat, encouraging compounder interest to switch from wheat to barley.

LIFFE old-crop wheat futures fell 45-90p/t on reduced buying interest in advance of the long Easter weekend and some profit-taking.

Despite the current focus on the domestic market, the rise in the Pound against the Euro from 1=62p to 1=61p fed through to affect futures prices.

New-crop values remained sensitive to currency, following the influence of shipper demand, falling by around 10-25p/t.

However traders reported that the delay to spring sowings from last weeks wet weather continued to provide underlying support across the board.