New crop wheat prices reacting to possible ‘no deal’ Brexit scenario
While the UK has been a net importer of wheat in the last three seasons, it is very likely that it will need to be a net exporter following harvest 2019, bringing a significant risk in the event of a ‘no deal’ Brexit.
Speaking at the NFU conference Combinable Crops commodity session, chief combinable crops advisor Jack Watts said: ‘Wheat is one of our most challenging concerns.”
Brett Askew, NFU North East combinable crops chairman said a ‘no deal’ Brexit would be ‘catastrophic’ for new crop wheat prices. “There would be tariffs on exports and zero tariffs on imports. Two hundred thousand to three hundred thousand tonnes of wheat is earmarked to be exported and no-one is buying – they are scared they will be hit with tariffs.
“The price gap between UK wheat and French wheat is getting larger and larger. No-one is shopping for UK wheat. Why would they take the risk if they do not know what we will have by the time they purchase the wheat?”
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