Old-crop wheat prices up, new-crop under pressure

By FWi staff

OLD-CROP wheat prices have risen despite the Pound approaching the £1=DM3 “barrier”, according to the Home Grown Cereals Authority.

The HGCA says traders have found old-crop cereals in short supply. July futures prices jumped £6 in the last two days of last week. But although ex-farm prices firmed, too, farmers can still not be tempted to part with remaining stocks.

New-crop prices are under pressure, with the strength of the Pound (leading to the possibility of yet another interest-rate hike), an expected bumper harvest – the HGCA puts it at 16 million tonnes of wheat – and large barley intervention stocks.