December 9, 2024 - The Agriculture and Horticulture Development Board's (AHDB) latest UK human and industrial (H&I) usage shows that since the start of the 2024/25 marketing year (July), total wheat milled has reached 2Mt by the end of October.
While this is 8.1% less than the same period last year, it is broadly in line with the five-year average for the same period of time (0.9%). Firmness in the volume of wheat being milled has been supported by elevated wheat imports as domestic wheat usage has subsided due to a smaller crop with lower protein levels.
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Greater percentage of imported wheat milled than domestic
Use of imported wheat began to rise in the months leading up to the 2024/25 marketing year as some mills took on greater volumes in preparation for the smaller UK milling wheat crop and concerns regarding quality.
Post harvest, despite the quality of the UK milling wheat crop exceeding anticipations of some, elevated imports of milling wheat has continued into the 2024/25 marketing year; which has been driving pressure on the milling wheat premium. As a result, the percentage of home-grown to imported wheat milled has differed from historical trends, with imported wheat making up. a much larger share.
Firm overall demand but lesser domestic usage
While the continued elevated use of imported milling wheat into this marketing year helps support the availability of milling wheat for domestic millers and therefore satisfy demand, this is also weighing on the domestic milling wheat premium.
In the latest AHDB supply and demand balance sheet,H&I usage of domestically produced wheat is estimated to fall 9% below the five-year average to 5.7Mt, while H&I usage for total wheat (including imported) only 2% lower than the five-year average.
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The Global MillerThis blog is maintained by The Global Miller staff and is supported by the magazine Milling and Grain
which is published by Perendale Publishers Limited.
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