German farmers offered 137,000 tonnes of wheat for European Union intervention subsidies in the past week, bringing total offers this season to 2,317,000 tonnes, state purchasing agency BLE said on Monday. This continued the level of about 100,000 tonnes of wheat per week offered into intervention for most of this year. In the previous week 109,000 tonnes had been offered.
Large stocks of unsold wheat are thought by traders to remain on German farms. As the EU is not subsidising exports as aggressively as hoped, traders suspect wheat offers will substantially increase in coming weeks.
Farmers have indicated that 74,000 tonnes of the total grain offers would be cancelled.
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