UK Wheat Imports Defy Declining Trend 13-Feb-2014

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UK wheat imports witnessed a bounce last month. The UK – the European Union’s third-ranked wheat producer, and usually a net exporter – imported 163,602 tonnes wheat in December, customs data showed. While down by nearly one-half year on year, the figure defied expectations of a declining trend in UK wheat imports, after a 2013 harvest which officially pegged at 11.9m tonnes, showed a vast improvement on quality on the 2012 crop, which was hurt by persistent rains. The December figure was up more than 34,000 tonnes month on month, besides far exceeding exports, which came in below 60,000 tonnes. The country’s corn imports also hit their highest in at least 21 years, raising doubts as to whether domestic grain supplies are as high as the market has thought.