By FWi staff
ABOUT 70,000 tonnes of wheat is expected to be shipped from Cardiff and Tilbury to Bangladesh, traders confirmed early this morning.
Rumours of the sale yesterday sparked increased buying on the futures market for near months.
LIFFE futures for old crop wheat climbed by 65p for March to £80.65/ t, and by 60p for May to £82.60/ t.
But merchants warned that the Bangladesh sale is too small to lift the spirits of UK exporters – despite claims from the Home-Grown Cereals Authority that this seasons wheat surplus of 3.5 million tonnes will be cleared by harvest.
According to Gary Sharkey, trader with BDR Agriculture, much work needs to be done if the HGCA is to be proved correct.