UK Raising Estimate of Wheat Imports in 2013/14

2014-03-27 Developments

2014-03-27 10:33 |
source: China Grain Network |
number of visits: 13

according to news from London on March 26, Britain raised its 2013/14 (July/June) wheat and corn import forecast on Wednesday, affected by the faster-than-expected pace of imports in the first few months of this year.

According to the supply and demand report of the Home-Grown Cereals Authority (HGCA), the UK's wheat imports in 2013/14 are expected to reach 1.8 million tons, up from the previous estimate of 1.63 million tons.

Imports surged in the first few months of the year as flour producers sought overseas supplies as UK wheat production hit its lowest level in more than a decade.

However, the quality of wheat harvested in the UK in 2013 was better than the previous year, so a larger portion of the supply is suitable for flour producers to use to produce flour, and imports are now beginning to slow.

"The price competitiveness of imported flour wheat has been a factor, especially in the northern part of the country," the HGCA said."

britain imported a total of 2.94 million tons of wheat in 2012/13, so the latest estimate is still 39% lower than the previous year.

The better quality of the wheat harvested last summer has prompted flour producers to switch to increasing their use of domestic wheat this year. Major problems with the quality of the wheat harvested in 2012 have led to a surge in the country's wheat imports in 2012/13.

Britain's corn imports in 2013/14 are expected to be 2.01 million tons, up from 1.73 million tons expected in January.

"Imports are expected to increase further in February/March, but are expected to decrease later in the year," the report said."

britain imported 1.69 million tons of corn in 2012/13, and the latest forecast is still 19% higher than the previous year.

The huge corn production in the United States last year led to a decline in corn prices and boosted demand for corn in the United Kingdom.

UK corn imports climbed to 1.44 million tonnes in the first seven months of the current market year, up from 933,006 tonnes in the same period the previous year. (Source: Mandarin Finance)