February 16, 2009

EU wheat exports low considering price, currencies

European Union wheat exports are "relatively low" considering currency moves and current prices, Hamburg-based grain trading house Toepfer International said Friday (February 13) in a monthly report.


Currencies are supportive of Europe's competitiveness on the international export market, with a weaker euro and sterling against the US dollar making European wheat more attractive to foreign buyers.


But "farmers still show no greater willingness to sell," said the report.


EU wheat exports total 13.495 million tonnes 33 weeks into the 2008-09 marketing year, up sharply from the 4.07 million tonnes exported over the same period the previous year, according to EU data.


However, with a bumper 2008-09 wheat crop, the EU had aimed to export around 17-18 million tonnes of wheat in the current marketing year.


"Due to high ending stocks in Europe we expect prices to decline at the end of this marketing year," said Toepfer. The current marketing year ends June 30.

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