Commodity News
HeadLine : British crops are being rushed to market before Brexit deadline
Date : Aug 22 2019
British farmers are rushing to sell their big harvests of wheat and barley before October to avoid the potential market chaos of a no-deal Brexit. The UK may reap the most feed barley in four years, and wheat prospects are also improving, according to the Agriculture & Horticulture Development Board. Coupled with the risk that sales to the European Union may plummet if the UK departs without a deal, that is spurring a surge in early-season grain sales. About 63,000 tonnes of barley were sold from farmers for spot delivery in the week ended August 8, AHDB data show. That is the largest in records to 2,000, and feed wheat sales reached a three-year high. The UK is one of the EU’s bigger barley growers and often exports about 15 per cent of its harvest, mostly to brewers or pig farmers within the bloc. Early wheat and barley yields are both holding above average, AHDB data show. That swelling supply may face hefty EU import tariffs if an agreement is not struck before Britain’s departure, with some grain potentially facing taxes above 90 Euros a tonne. Prime Minister Boris Johnson has said the UK will be ready to leave on October 31 with or without a deal.

Source: Business Line
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