Tridge summary
In February 2024, UK flour millers, including those in the starch and bioethanol sectors, significantly increased their reliance on imported wheat, as reported by the latest AHDB usage data. This surge, marking a 7% rise from January and a 22% increase from the previous year, saw imported wheat making up 19.3% of the total wheat milled, the second-highest rate since September 2021. The move towards more imported wheat is largely due to the subpar quality of the 2023 harvest and apprehensions regarding the 2024 crop's prospects. Additionally, the stockpile of imported wheat reached its highest point since December 2020. Despite an overall increase in wheat milling compared to last year, there's a noticeable decline in 'other flour' production, hinting at a potential future preference for maize over wheat for bioethanol and starch production.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Sign up to receive the Weekly Market Report and Grain Market Daily from AHDB. UK flour millers, including wheat milled for starch and bioethanol production, used more imported wheat in February 2024 in the latest AHDB usage data. The data shows they used 93.7 Kt of imported wheat in February, up 7% from January and 22% more than February 2023. As a result, imported wheat took a greater share of wheat milled during February at 19.3%. This is the second-highest proportion of imported wheat used by UK flour millers, including wheat milled for starch and bioethanol production, since September 2021. The higher proportion of imported wheat reflects the poorer quality of the 2023 harvest, plus the worries about 2024 production. There is potential for this trend to continue, with more imported wheat in stock and price relationships suggesting imported wheat looks attractive against UK values. Yesterday, UK feed wheat futures for May-24 delivery were just £1.73/t below the May-24 Paris ...
Source: Ahdb
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