Taken from HGCA weekly MI Bulletin|
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Old-crop wheat futures rise in technical market
Tuesday, 25 May, 1999
OLD-CROP wheat futures rose by £1.25/t in a technical market. Activity was mainly confined to trading against futures. Old-crop prices are artificially high; it is difficult to fulfil nearby demand, with limited supplies available.
NEW-CROP wheat improved by 75p/t on last weeks values, in response to a firm French market.
UK grain markets experienced another quiet trading week. With most traders attending a dinner in London, little business was done particularly towards the end of last week.
MARKET fundamentals remain, however, bearish. Despite a decrease in the wheat area, a large French wheat crop is expected to be harvested this year, limiting current buying interest on new crop positions.
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