Cumulative [Wheat] imports for Jul-Mar stand at 2.12Mt, more than three times the level seen in the same period last season.Europe has been the main source of imports with more than 734Kt coming from Germany alone in the Jul-Mar period…The large increase in imports this season comes following the poor quality of the 2012 harvest. Imports are also likely to feature at elevated levels next season due to reduced wheat plantings. However, the type of imports required will be dependent on the quality of the UK harvest this year. HGCA
That last bit is quite scary. So I ran the numbers forward three months.
It’s worse than we thought!
A less alarming view.