The hottest summer in the UK in last forty years threatens wheat crop and raises the prospects of cheaper wheat import, Bloomberg reports.

Hot and dry weather during last two months made farmers and analytics reduce harvest estimates for the third largest supplier in the EU. As a result, UK wheat premium over French wheat grew to the highest level in a year.

This summer is the hottest since 1976. This fact and very small quantity of rains caused futures to grow to four-years high. Wet and long winter also hurt crops.

Some analytics predict volumes falling to the lowest level since 2013. It means that the UK will become net importer for third season in a row among tight supply and stable demand.

UK wheat costs today 4,50 pounds per ton higher than deliveries from France.

Analytics lowered forecast of harvest from 14,5 million ton to 13,5 million ton.

Dry weather in northern part of Europe will also cause reduction in output of wheat, barley and rapeseeds.