Larger UK wheat crop may boost exports and pressure prices
Expectations of a larger domestic wheat harvest in the UK this year could force the country to compete more actively on global export markets, according to grain industry specialists. Higher production levels may shift the trade balance and increase export availability.
During a panel discussion at the Croptec Show in Birmingham on January 15, experts suggested that the UK is likely to reach export parity later this year. Such a scenario could put additional downward pressure on domestic grain prices.
Philip Bestwick, key account business manager at Openfield, said the UK is anticipating a bigger harvest, weather permitting. “We are moving toward a situation where the UK will have to trade at export parity rather than the current environment of import parity,” he noted.
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