Crop storage
Traders warn of ‘hiccups’ as UK gets to grips with Brexit
• Tariff-free grain imports and exports
• Wheat buoyant aſter Brexit transition
• Production expected to bounce back
G
rain merchants are warning of hiccups following the trade deal agreed between London and Brussels relating to the movement of goods between the UK and Europe- an Union.
The last minute trade deal was an- nounced on 24 December – just one week before the end of the Brexit tran- sition period. ADM Agriculture head of grain trading Jonathan Lane said the agreement had at least clarified the relationship between the UK and EU. “With no tariffs or quotas to be ap-
plied, grain imports and exports can continue freely,” he said.
“This is seen as a positive move for
the UK, given its increasing dependen- cy on imports for this season due to the lower crop forecast. There have been, and will be, hiccups but in practice im- ports and exports should continue.” Mr Lane said the agreement would aid UK growers looking to market their 2021 wheat crop. An expected rebound in production would return the UK to
being a net exporter – but tariff-free exports to the EU would avoid the need for the UK to chase trade with third countries.
This would have affected farm pric-
es, said Mr Lane. Market report
A Defra update on its 2020 UK crop estimates pegged wheat production at 9.658 million tonnes. This 40% year-on-
The UK is expected to return to being a grain exporter later this year
year reduction is due to a 24% drop in area (1.387mln ha) and poor harvest averaging just below 7t/ha. Talk of diminishing export availa- bility in the Black Sea has supported a rallying grain market last month. Grain prices were considerably high- er, with the US market up $18/t, Matif up €10/t, and London up just over £10/t on March 21 positions.
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