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Wheat exports halfway towards MAFF target HGCA

- 30 November 1999
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  • Continued export demand for UK wheat and convivial refund awards by Brussels is helping to offset the negative price influence of the Pounds strength against the Euro. Indeed, end-of-year wheat exports have been estimated by the trade at 1.6-1.8 million tonnes. This is as much as halfway towards the current MAFF export forecast. Traders note that new year volumes will continue to depend on the competitiveness of UK wheat.
  • Delivered wheat and barley prices ended last week slightly lower, under pressure from stronger Sterling and a lack of fresh news.
  • Traders reported that booking road transport could be difficult next month following the large volumes of grain waiting in the wings to be exported in December.
  • Prices on UK export markets were generally lower last week. However, prices did not fall to the low level was expected from the current strong Pound. Trade sources reported that export business in recent weeks continued to provide underlying support, although no fresh business was reported.
  • Sterlings high against the Euro has reduced much of the UKs competitiveness on European markets.
  • Trading activity remained confined to nearby positions. Only limited interest was reported for forward months. A quiet trading period up to Christmas is generally anticipated.

    HGCA
    Taken from HGCA weekly MI Bulletin
    To contact the HGCA phone 020 7520 3972


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