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23/01/2009 13:16:15
UK - Feed Wheat report
"This has been another volatile week with wild fluctuations in currency and weather concerns in Argentina influencing our market," says David Sheppard, managing director, Gleadell Agriculture.
"Sterling has fallen sharply as the UK Government was forced to admit the UK economy is in a worse state than previously thought, and this was highlighted with an additional bail out package for the UK banking sector. The resulting weak £ coupled with good spot demand has supported UK wheat prices.
"The latest customs data shows wheat exports to the end of November at 1.65mln/t, of this almost 500,000 tonnes have been destined for Spain. At the current rate of export the UK will have been half way through its 4mln/t surplus by the end of the calendar year.
"Egypt were once again in the market yesterday, buying 178,000 tonnes of a mixture of Russian, US and French wheat, which supported US & EU markets yesterday.
"These markets remain difficult to predict and the only constant at the moment is the volatility," Mr Sheppard adds.
"Sterling has fallen sharply as the UK Government was forced to admit the UK economy is in a worse state than previously thought, and this was highlighted with an additional bail out package for the UK banking sector. The resulting weak £ coupled with good spot demand has supported UK wheat prices.
"The latest customs data shows wheat exports to the end of November at 1.65mln/t, of this almost 500,000 tonnes have been destined for Spain. At the current rate of export the UK will have been half way through its 4mln/t surplus by the end of the calendar year.
"Egypt were once again in the market yesterday, buying 178,000 tonnes of a mixture of Russian, US and French wheat, which supported US & EU markets yesterday.
"These markets remain difficult to predict and the only constant at the moment is the volatility," Mr Sheppard adds.
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