By FWi staff
OFFERS of barley into intervention now exceed 800,000 tonnes and show little sign of easing off, say market sources.
More than 90,000 tonnes were offered to the Intervention Board last week and total submissions look likely to exceed 1m tonnes well before the end of the month.
Brussels rejected all bids for barley export refunds last Thursday and the open market remains quiet. Ex-farm feed barley is trading at £69/ tonne and very little is being sold.
The futures market continues to be currency driven. Old-crop contracts are trading at £74/ tonne (March) and £76/ tonne (May). New-crop contracts are worth £74.50/ tonne (November), £78.50 (January), and £80.50/ tonne (March 1999).