Wet weather drives up prices
DELIVERED feed wheat prices firmed between 50p and 1.50/t, bread wheat premiums rose around 2.50/t and feed barley prices gained 1.00/t last week.
Full specification bread wheat premiums rose last week to 19/t, offsetting the previous weeks decline. The threat to wheat quality from wet weather conditions was cited by traders as the leading reason pushing values higher.
The spring barley harvest has just begun, although hampered by scattered showers. Preliminary results indicate a generally good quality winter crop,
although variety specific.
As well as changeable weather, strong demand from large ports and slow farm supplies are helping to drive cereal values higher. Meanwhile, domestic
consumers seem comfortable with their inventories and are taking a back seat at present.
UK feed wheat and feed barley markets remained quiet again last week. With the wheat harvest far from completed, this years quality remains uncertain.
Feed wheat prices improved by about 1/t on last weeks values in response to a firmer French market and a weaker sterling.
1 = 61p, 1 = 1.65088 at time of writing.
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Taken from HGCA weekly MI Bulletin
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