UK wheat stocks hit four year low
UK wheat end stocks have hit a four year low of 1,718Kt, according to the end of season balance sheet released by AHDB/ Defra yesterday afternoon.
We are a couple of weeks away from the first balance sheet for the new season. However, we are already anticipating tighter wheat production (here). This, combined with reduced opening stocks and increased animal feed demand following the drought, would point to a tight year and support for prices.
That said, the implication of Vivergo’s closure (here) does leave a question mark hanging over the UK wheat balance.
James Webster, Senior Analyst
James.Webster@ahdb.org.uk, 024 7647 8844