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.

  • Futures reflect currency

    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 Euro1=62p to Euro1=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.

  • Euro1 = 61.31p, 1 = Euro1.631 on 17 April

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

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