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Strong Non-EU Wheat Exports from the UK, but Not Strong Enough

Strong Non-EU Wheat Exports from the UK, but Not Strong Enough

12 February 2015

UK - In December, the UK exported 225Kt of wheat the latest data from HMR&C shows, taking total exports so far this season to 938Kt.

Non-EU destinations accounted for over 30 per cent of UK wheat exports in the first half of the 2014/15 season (Jul-Dec).

At 309Kt, it is the largest volume of wheat exported outside of the EU in the July-December period since the 1996/97 season.

However, total UK wheat exports continue to be weaker than needed given the size of the 2014 crop.

Currency movements have made exports to Eurozone countries challenging, while the strong US dollar has opened opportunities in world markets for the UK and EU.

Further, the bulk of the non-EU exports to date have gone to Algeria (206Kt), suggesting the UK is taking advantage of markets usually supplied by French wheat.

Though in other world markets, the progress has been less encouraging. If UK wheat continues to struggle in these markets despite favourable currency movements, UK prices may have to discount further to world prices in order to stimulate sufficient export demand.

TheCropSite News Desk

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