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.
  • Euro1 = 59.91p, 1 = Euro1.6692 at time of writing
  • 4th Annual Crops Marketing Conference, 04 October, 2000

    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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