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E.U. officials authorize use of wheat export subsidies
For the first time in two years, the European Commission has approved the use of export subsidies for wheat, according to various news reports.

Traders are being invited to tender for up to 2 million tonnes eligible for export restitution between Feb. 3 and June 23. The level of export subsidy has not yet been announced.

The U.K. Home Grown Cereals Authority reportedly said wheat cargoes shipped into North Africa from Argentina and the former Soviet Union countries, including the Ukraine, were undercutting the E.U. market by between U.S.$10 and U.S.$15 per tonne.

The last time the Commission approved the use of wheat export subsidies was in 2002, with support continuing until May 2003, according an on-line report in The Herald, a Glasgow, Scotland-based newspaper. During that period, almost 10 million tonnes were exported with a subsidy of about €11 per tonne, The Herald said.

Analysts indicate the Commission acted primarily because of prospects for a worrisome build-up of wheat supplies.

In its most recent Grain Market Report, released in late November, the International Grains Council projected 2004-05 E.U.-25 wheat ending stocks at 21.9 million tonnes, a 119% increase from 2003-04 and the highest level of European wheat surpluses in more than a decade.
MGR Archive 26.1.2005
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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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