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UK close to being net wheat importer with poor crop, ethanol demand
BRITAIN is becoming a net importer of wheat, according to the Agriculture & Horticulture Development Board, which has happened thrice in 20 years, reports Bloomberg.
The shift in trade for the UK, the European Union's third-biggest grower, has happened after reduced plantings and too much rain cut the harvest to a three-year low.
The reopening of an ethanol plant in England also increased local demand for wheat, which is used to make fuel.
British wheat-feed futures have jumped 40 per cent in the past year, outperforming prices in major producers such as France, Russia and the US.
"If the current pace of monthly imports continues, then we could potentially end the season as a net importer," AHDB Market Intelligence analyst Millie Askew.
"We continue to see an increase in feed-wheat demand amid a smaller crop, which will be increasing the incentive to import," she said.
The shift in trade for the UK, the European Union's third-biggest grower, has happened after reduced plantings and too much rain cut the harvest to a three-year low.
The reopening of an ethanol plant in England also increased local demand for wheat, which is used to make fuel.
British wheat-feed futures have jumped 40 per cent in the past year, outperforming prices in major producers such as France, Russia and the US.
"If the current pace of monthly imports continues, then we could potentially end the season as a net importer," AHDB Market Intelligence analyst Millie Askew.
"We continue to see an increase in feed-wheat demand amid a smaller crop, which will be increasing the incentive to import," she said.
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