Wheat futures fall as feed prospects rise
By FWi staff
NEW-CROP wheat futures dropped nearly 1.50 last week, as feed wheat prospects for 2001 improved.
A brief respite in the weather, the longest dry period since the middle of June, has allowed plenty of wheat to be drilled over the last few days, says Glencore Grain in its latest report.
“While yields are unlikely to be at the highest end of the scale, seed beds are remarkably good, and it will yield more in the field than it would left in the barn,” it adds.
Premiums for milling wheat over feed continue to rise, with new crop bread wheat about 19.50/t delivered, an increase of 5 since early December, reports the HGCA.
Feed wheat for March is worth 68-72/t ex farm depending on location, and 69-73/t for May, says Glencore Grain.
Meanwhile, the commission granted its third successive positive refund last week. A subsidy of 
7.50 (4.79 at time of writing) was awarded on 343,000 tonnes of open-market wheat.
