Black Sea grain may return again this year

THE large surplus of Black Sea grain which forced down EU prices two years ago could be repeated this year.

Already, forecasts of a large Former Soviet Union (FSU) crop, and good growing conditions across Europe, are blamed for knocking £Stg7 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.