UK: Wheat imports uphold a strong pace into the new marketing year

Published 2024년 9월 18일

Tridge summary

HMRC trade data for July reveals a significant increase in wheat imports into the UK in the beginning of the 2024/25 marketing year, with figures surpassing last year's and the five-year average for July. The majority of these imports were sourced from Germany and Denmark, with Canada in third place. The rise in imports is attributed to the anticipated reduction in the size of the domestic crop and the scarcity of high specification milling wheat. Despite challenges such as ergot presence and lower protein levels in UK wheat, the import levels are helping to keep the domestic milling wheat premium in check. The coming months will be crucial in determining whether imports can meet demand and what the final size and quality of the 2024 UK wheat crop will be.

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. HMRC recently released trade data for July, which offers insight into the first month of the 2024/25 marketing year. In the latter half of 2023/24, limited availability of full specification milling wheat and expectations of a smaller 2024 wheat crop encouraged wheat imports. Leading into the 2024/25 marketing year, the strong pace of wheat imports has continued, largely due to the expected domestic crop size. The 321 Kt imports of wheat in July 2024 exceed last July’s 93 Kt and the five-year average for July of 150 Kt. Going a step further, this also exceeds the total volume of wheat imported for both July and August last year (249 Kt) and the five-year average (311 Kt). In July 2024, Germany ranked as the top origin at 137 Kt, with Denmark second at 66Kt, and Canada third with 55 Kt. Anecdotally, Germany and Canda are key sources of milling grade imports for the UK. However, both are facing lower ...

Source: Ahdb