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UK wheat crop exceeds estimates


UK-wheat According to Jonathan Lane, trading manager at Gleadell Agriculture Ltd, U.K. wheat output is set to exceed estimates this year after rainfall starting in July boosted crop prospects.

The harvest may come to between 14.6 million and 14.8 million metric tons, more than about 13 million tons expected by growers and brokers in the spring.

Lane said: “Certainly there have been some terrible crops as forecast in the late spring and early summer, but as a general rule, farmers have been pleasantly surprised with what they have.”

However, rainfall that’s slowing collection of U.K. wheat may now be affecting the quality of the grain.

Wheat for November delivery on NYSE Liffe in London gained 0.7 percent to 163.55 pounds a metric ton today. Wheat for December delivery on the Chicago Board of Trade, the world benchmark, rose 3 percent to $7.615 a bushel.

http://www.internationalsupermarketnews.com/news/4530?

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