Wheat quality criteria, Carr’s Milling Industries, global grain surpluses, wheat production forecast

New quality criteria for wheat futures, ​

Euronex introduced new quality criteria for wheat futures. The decision followed the poor French wheat harvest. It was also influenced by the fact a large share of 2014 harvest failed to meet milling quality criteria for export.

The new criteria introduced a minimum 11% of protein content and Hagberg falling numbers at a minimum of 220 seconds.

The changes will come into place in September 2017.

Record profits for Carr’s Milling Industries​

UK-based Carr’s Milling Industries recorded record pre-tax profits of £16.6mn in the year to August.

The profits were up by 7.8 % compared to the previous year, despite a drop in revenue.

Its agriculture division benefited from severe weather conditions in the USA while food division was boosted by the opening of a new flour mill in Scotland.

2014/15 the second successive year of global grain surpluses ​

According to the Agriculture and Horticulture Development Board (AHDB) Europe was expected to produce 331 million tonnes over three years, an increase of 10%, North America- 481 million tonnes (increase of 9%) and the Russian Federation should record an increase of 13% .

Asia, North Africa, South Africa and Australia could show slight drop in production.

FAO increases wheat production forecast​

The Food and Agriculture Organization of the United Nations (FAO) increased its global wheat production forecast by four million tonnes.

The estimates are done monthly and currently stand at 722.6 Mt.

The change was influenced by increased expected wheat production in the EU and Ukraine.