Wheat estimates leave UK market cold – HGCA
- UK delivered bread and feed wheat prices saw mixed changes last week. Delivered feed barley prices closed unchanged to 50p/t lower.
- Attention by domestic consumers remains focused on satisfying their nearby requirements, helping to push spot and October feed and milling wheat prices higher in the process.
- Cereal deliveries made for November onwards weakened, largely due to a strengthening Pound and limited consumer demand.
- Separate and provisional UK wheat crop estimates of around 16.5m tonnes, made by the NFU and Dalgety, had little effect on futures or physical prices, according to brokers.
- UK wheat export prices continued to fall last week by between 50p-1/t. Currency movements were cited as the main reason behind the lower values.
- Trading activity on export markets is limited, as potential overseas buyers remain unsure about UK wheat quality.
- Early crop estimates suggest a UK wheat crop of 16.5m tonnes. This puts export availability at some 4.5m tonnes this season.
- A larger 2000/01 EU wheat crop and a larger exportable surplus is reportedly helping keep EU prices under pressure.
1 = 59.91p, 1 = 1.6692 at time of writing
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Taken from HGCA weekly MI Bulletin To contact the HGCA phone 020 7520 3972 Click here to visit the Home-Grown Cereals Authority |
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