Spot wheat demand boosts UK old-crop
Tuesday, 27 April, 1999
Demand for spot wheat continued to support old
crop positions. Feed wheat prices on delivered
markets rose by £1/t, while new-crop wheat
fell by £1 to £1.50/t following a lack of
interest. Trading activity remained confined to the delivered
market. The higher spot values in recent weeks
triggered more farmer selling, although volumes
were small, which was absorbed by consumer and
merchant buying (short-covering). Export markets were reportedly again quiet last
week. Trading was limited to actions against existing
positions. With only small volumes of UK grain being exported
to the Continent, traders are concerned about the
remaining exportable surplus. Trade sources
indicated that wheat exports during April remained
below expectations. The strength of Sterling against the Euro has very
much reduced the UKs export competitiveness on
European markets. Much of the business done in
Europe is of French origin. However, old-crop prices continued to rise, generally
following the firmer values on the domestic markets.
New-crop FOB wheat prices ended the week lower,
falling by between 75p and £1.50/t
during the week.
crop positions. Feed wheat prices on delivered
markets rose by £1/t, while new-crop wheat
fell by £1 to £1.50/t following a lack of
interest.
market. The higher spot values in recent weeks
triggered more farmer selling, although volumes
were small, which was absorbed by consumer and
merchant buying (short-covering).
week. Trading was limited to actions against existing
positions.
to the Continent, traders are concerned about the
remaining exportable surplus. Trade sources
indicated that wheat exports during April remained
below expectations.
much reduced the UKs export competitiveness on
European markets. Much of the business done in
Europe is of French origin.
following the firmer values on the domestic markets.
New-crop FOB wheat prices ended the week lower,
falling by between 75p and £1.50/t
during the week.
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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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