Despite UK wheat futures prices falling back from their recent highs earlier this week, weaker sterling is now edging them upwards although current values are only £10/t over the futures contract lows.
Consumer demand has helped maintain domestic values, but UK feed wheat export prices remain at least £10/t above other origins irrespective of sterling’s fall. Therefore, feed wheat exports remain uncompetitive and aren’t attracting any fresh business. To date, UK wheat shipments into the EU amount to little a more than 90,000 tonnes and currently face stiff competition from Ukraine wheat.
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