- Delivered UK wheat prices closed mixed last week. Bread wheat prices fell across every region, while feed wheat prices ended mixed between 1/t higher and 1/t lower.
- Traders reported little change in market sentiment from the previous week. Consumers are concentrating on securing their immediate requirements, with little change in farmer selling levels and merchants generally occupied with logistical issues and short covering.
- Bread wheat prices continue to be pressured lower falling around 1.50/t for most regions and positions. However, spot prices are reportedly finding support from buying interest by millers.
- Supplies of ex-farm grain are reportedly tight for spot movement but sufficient for forward positions. The psychologically important 60/t is not now achievable for much of the country, leading to a slower pace of farmer selling and providing support to spot prices.
- Grain prices on UK export markets continued to weaken on last weeks values. Feed wheat prices were 25-50p/t lower, while milling wheat lost 50-75/t.
- Markets remained quiet, following limited export interest for UK wheat and slow intra-EU trade.
- Trade sources reported that it is becoming difficult to find a home for this years large UK wheat export surplus, both for feed wheat and milling wheat.
Taken from HGCA weekly MI Bulletin
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