Price sentiment drove prices in both directions again last week. The general supply pressure was helped by the announcement that Argentina had a record wheat crop last harvest. This is now estimated to be 62% higher than last year. Elsewhere the International Grains Council suggested a fifth-in-a-row big year for global wheat production in 2017/18.
However, sentiment changed again this week and old crop prices strengthened. The most recent HGCA/AHDB market report states that Egypt, one of the world’s biggest importers of wheat, has already imported more wheat than last season.
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It was generally thought that EU, and specifically French, wheat was no longer competitive in these markets. But this week French wheat won part of another Egypt tender and this has opened up questions about the quantity and quality of the remaining French wheat. Reports indicate that the quality of French wheat coming off farm to the market has been improving in recent weeks.
So, for the moment, markets appear to be friendly for prices but the big supply is still there.
Native prices strengthened again this week, with spot wheat put at €177-€180/t – depending on when product has to be moved. But spot barley remains around €165/t.
May wheat is out around €182/t with barley at €165-€167/t. New crop prices remain similar, with November wheat to the trade put at €170-€172/t and barley at €160-€162/t.
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Price sentiment drove prices in both directions again last week. The general supply pressure was helped by the announcement that Argentina had a record wheat crop last harvest. This is now estimated to be 62% higher than last year. Elsewhere the International Grains Council suggested a fifth-in-a-row big year for global wheat production in 2017/18.
However, sentiment changed again this week and old crop prices strengthened. The most recent HGCA/AHDB market report states that Egypt, one of the world’s biggest importers of wheat, has already imported more wheat than last season.
It was generally thought that EU, and specifically French, wheat was no longer competitive in these markets. But this week French wheat won part of another Egypt tender and this has opened up questions about the quantity and quality of the remaining French wheat. Reports indicate that the quality of French wheat coming off farm to the market has been improving in recent weeks.
So, for the moment, markets appear to be friendly for prices but the big supply is still there.
Native prices strengthened again this week, with spot wheat put at €177-€180/t – depending on when product has to be moved. But spot barley remains around €165/t.
May wheat is out around €182/t with barley at €165-€167/t. New crop prices remain similar, with November wheat to the trade put at €170-€172/t and barley at €160-€162/t.
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