Ample wheat dampens old-crop futures

By FWi staff

LONDON wheat futures fell this morning on fears that the UK market is over-supplied. Old-crop contracts for July lost 85p to £78.25/ tonne. May contracts eased 35p to £76.25/ tonne.

Supplies of wheat for near months are ample, according to the Home-Grown Cereals Authority. But some buyers are having difficulty in sourcing grain because farmers are reluctant to sell while the price remains low.

On the new-crop market, a slight firming of Sterling helped push prices lower. The Pound gained 0.5 pfennig to DM2.94 against the Deutschmark, knocking off 20p for September contracts which are now worth £76.10/ tonne.

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