Currencies and grain prices

01 April 1998

Currencies and grain prices

Tuesday, 31 March, 1998

• £1=DM3.090 / FFr10.350 / $1.673
  
  
• French FOB spot wheat value: FFr 775.00 (£ 74.87)
  
  
• Chicago May wheat at close: $3.19 (£ 68.64)

Futures:


STERLING was very steady yesterday morning at over DM3.10, resulting in early losses of 50p / tonne. However, profit-takers entered the market and bought reasonable volumes from first-hand sellers (April/May) and speculators (June/July). This, coupled with a slight fall in Sterling and an anticipated firmer market in Chicago, was sufficient to close the futures market unchanged to marginally higher. Later on, French and Chicago markets both closed lower.