Black Sea grain may return again this year
Already, forecasts of a large Former Soviet Union (FSU) crop, and good growing conditions across Europe, are blamed for knocking ÂŁStg7 per tonne off UK wheat future prices which are one of the factors which will determine Irish grain prices this autumn.
The FSU could have an exportable surplus of 6 to 8 million tonnes, according to the UK's Home-Grown Cereals' Authority.
This would compete directly with EU grain. But prices are not expected to slump to 2002 levels, because world grain stocks are tight.
In Ireland in 2002 IFA warned that EU cereal growers will be forced out of business after 3.1m tonnes of soft wheat were imported into the EU in the first three months of the 2002/2003 season.
