THIS seasons exportable wheat surplus of 3.5 million tonnes will be cleared by harvest, according to the Home-Grown Cereals Authority today.
Wheat exports during January and February are estimated at 700,000 tonnes, according to grain traders. That will take the total sold overseas to 2.2m tonnes by the end of this month.
If similar amounts are shipped during March, April and May, this years surplus will be shifted by the time harvest starts, an HGCA economist told FWi.
Meanwhile, prices on the domestic market continue to be currency driven.
Sterling remained stable this morning at DM2.983 against the D-Mark. Fridays ex-farm bread wheat prices remained largely unchanged at around £101/ tonne.