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Lack of sun boosts old-crop prices – HGCA

- 17 July 2000
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  • Delivered old-crop feed wheat prices closed sharply higher, while new-crop cereal prices ended mixed.

  • Traders suggest that present old-crop feed wheat supplies will have to last a week or two longer after the lack of sunshine over June/July failed to bring the
    harvest forward. Consumers who still have end-July and early August cereal requirements are having to pay substantially more now to prise the remaining grain from strongly held farmers.

  • Milling wheat prices are increasingly difficult to determine. The old-crop market is at a virtual standstill owing to short supplies and low demand,
    while premiums for new-crop bread wheat remain around 15/t over feed wheat.

  • UK wheat export markets remained quiet last week as traders awaited a full picture of EU grain quality and harvest size. Traders did note, however, that premiums for export-grade milling wheat had strengthened slightly as concerns began to be raised about the potential damage current rain could have on UK wheat quality.
  • In contrast, barley export prices continue to firm, as world demand is expected to firm in the first half of the season. Premiums for 50,000t barley vessels are as high as 5/t. Coaster vessels are trading at a 3-4/t premium to wheat.
  • Euro1 = 62.7p, 1 = Euro1.5939 at time of writing.

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


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