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Weaker Sterling boosts new-crop price – HGCA

- 31 May 2000
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  • Exchange-rate fluctuations featured highly once again last week as the Pound fell to 6-year lows against the Dollar to $1.47. Sterling also weakened against the Euro to 1=Euro1.61. New-crop prices, in particular, took strength.
  • Delivered UK cereal prices closed last week mixed. Old-crop prices fell 50p-1/t, while new-crop prices firmed by a similar amount
  • Consumer shorts reportedly provided localised hotspots where spot bread-wheat prices traded 2-4/t higher than they otherwise would have done. Bread-wheat prices across the Midlands, in particular, traded at a premium to both London and Liverpool.
  • Brokers noted that uncertainty over the possibility of export taxes being applied, combined with volatile US grain prices and an uncertain UK wheat-crop quality, is causing consumers and suppliers alike to focus on spot positions.
  • New-crop barley prices continue to trade around 1-2/t above new-crop feed wheat prices, partly reflecting the forecasted larger domestic wheat crop.
  • Euro1 = 62.3p, 1 = Euro1.606 at time of writing.

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


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