Wheat remains static as Barley prices fall
Old crop market shorts, where feed wheat prices can be as high as 82/t in northern regions, are becoming more scarce, as early cut supplies are made available.
Traders reported a generally quiet week, although gaining momentum as yield and quality data trickles through. This preliminary data suggests yields could
have been affected by the poor spring and harvest weather, potentially offsetting the higher area sown. However, only early cut fields have been tested so far.
A large proportion of demand for UK barley is switching from small to big ports following better that forecast output in the eurozone and continued
demand from the Middle East and North Africa. This switching led UK barley prices 1/t lower.
Prices have generally eased from last week, with wheat up to 50p/t lower and barley losing up to 1.75/t. However, the price losses have been less than the rise in the value of sterling suggested.
Trading on UK export markets remained limited again last week. Reports indicated ongoing export interest for barley early in the week.
1 = 61.5p, 1 = 1.62494 at time of writing.
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Taken from HGCA weekly MI Bulletin
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