The worst U.K. wheat crop in decades is prompting wheat millers to demand as much as 10 percent more of the grain this year so as to generate the same amount of flour, Bloomberg reports.
The rainiest summer in roughly 100 years caused the worst quality crop and the U.K. to this year serve as a net importer of wheat. The Agriculture and Horticulture Development Board said last month that weights have been the lowest since 1977.
"This is the worst harvest we’ve ever known," wheat procurement head Gary Sharkey told the news source at the 52nd European Commodities Exchange in Edinburgh. "All flour millers have been importing wheat since early July from different origins, whether it be increased volumes from North America or other European wheat from France, Germany or some of the Baltic states."
At 2:59 p.m. on Monday, wheat futures climbed 0.29 percent, a 0.025 cent rise to $8.60 per bushel.
Reuters reports concerns about the weather in the U.S. drove up prices of the grain yet expectations gained momentum for the crop estimates issued by the U.S. government scheduled to be released later this week.
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