LONDON (Reuters) — Britain raised its forecast on Wednesday for wheat and corn imports in 2013-14 to reflect the faster-than-expected pace during the first few months of the season.
Wheat imports were expected reach 1.80 million tonnes, up from a previous forecast of 1.63 million, according to official government supply and demand projections prepared by the Home-Grown Cereals Authority.
Imports surged in the early months of this season as millers looked overseas for supplies as Britain harvested its smallest wheat crop in more than a decade.
But Britain’s 2013 wheat harvest turned out to be much better quality than the previous season so a higher proportion was suitable to be used by millers and imports are now beginning to slow.
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“The price competitiveness of imported milling wheat has been a factor, especially in the north of the country,” the HGCA said in notes accompanying the data.
Britain imported a total of 2.94 million tonnes of wheat in 2012-13 so the latest forecast still represents a 39 percent decline.
A better quality harvest last summer has enabled millers to switch to using more home-grown wheat this season after major quality problems with the 2012 harvest led to a surge in imports in 2012-13.
Corn imports were revised up to 2.01 million tonnes from a previous forecast of 1.73 million issued in January to reflect the high level of imports seen for the season so far.
“Further large shipments are expected in February/March with imports forecast to tail off later in the season,” the report said.
Corn imports in 2012-13 totalled 1.69 million tonnes, so the latest projection represents an increase of 19 percent.
Demand for corn in Britain has been boosted by a drop in prices following last year’s huge U.S. harvest.
Corn imports for the first seven months of the current season climbed to 1.44 million tonnes, up from 933,006 tonnes in the same period last season.
