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German wheat price shoots up, feed makers buying
Reuters
German wheat prices rose sharply in the last week with demand from animal feed producers remaining strong and producers unwilling to sell, traders said on Wednesday.

New-crop, bread-quality wheat with 12 percent protein for November/December delivery was offered for sale in Hamburg at 156 euros a tonne , up nine euros on the week.

January-June delivery was 160 euros a tonne, up six euros. Feed wheat prices are currently the same as bread wheat prices.

In early October, prices for nearby delivery were only 135 euros a tonne.

"Feed makers are in the market every day," one trader said. "They currently have hardly any real alternative to buying bread wheat. Soy is too expensive and grain imports are hardly possible because of increased freight rates for shipping and European Union import duties."

"The feed makers seem to have been the first to have recognised the tight supplies this year and are buying a lot. Some mills may have misjudged the position."

A summer heatwave and drought substantially cut Germany's and western Europe's harvest of feed wheat, barley and maize -- creating serious problems with feed supplies. But Germany's bread wheat crop was good.

The poor eastern European crop has cut off German consumers' major alternative source of cheap supplies. Higher grain prices in France and Britain, both large exporters to Germany, also supported German prices this week.

"I think there is still some room for further price rises and producers think this too," one trader commented. "This means the willingness of farmers and cooperatives to sell remains low."

Traders believe German flour mills and feed manufacturers have good supply cover until the end of this year but that some have a substantial requirement from January.

German mills are still thought unlikely to import U.S. wheat at current prices.

"EU wheat would still be cheaper considering shipping and other costs," one trader commented.

MGR Archive 13.11.2003
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Region Type Price  
Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
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