Old-crop grain price rise continues
Tuesday, 04 May, 1999
Delivered prices continued to move upwards during last week. Old-crop wheat rose by between £1 and £1.50 in England.
Prices were higher due to the current lack of grain
entering the market and consumer demand for old-crop wheat. Demand from domestic buyers has stretched across
June and July, according to the trade. The lack of immediate supply is a function of technical
developments on the UK futures market and slow
farm selling. Export prices were higher this week, with nearby
wheat export prices £2 per tonne higher. Higher
prices were attributed to an active spot market and
strong demand to cover short positions. Sterling was
almost unchanged. Traders still point to the balance sheet, suggesting a
large export availability remaining. Short-term price
support is coming from the outgoing May futures
contract and slow farm sales. The UK situation is being mirrored in France. French
wheat prices are higher over the week, which has
helped UK export prices retain a degree of
competitiveness.
entering the market and consumer demand for old-crop wheat.
June and July, according to the trade.
developments on the UK futures market and slow
farm selling.
wheat export prices £2 per tonne higher. Higher
prices were attributed to an active spot market and
strong demand to cover short positions. Sterling was
almost unchanged.
large export availability remaining. Short-term price
support is coming from the outgoing May futures
contract and slow farm sales.
wheat prices are higher over the week, which has
helped UK export prices retain a degree of
competitiveness.
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Taken from HGCA weekly MI Bulletin To contact the HGCA phone 0171-520 3972 Click here to visit the Home-Grown Cereals Authority |
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