Currencies and grain trading
20 April 1998
Currencies and grain trading
Monday, 20 April, 1998
Futures:
THE UK market followed the recent trend of profit-taking on the old crop, even as currency improved from DM3.026 to DM3.055. New-crop still remains neutral as 30% of the crop is made up of Groups 1 and 2 and should pass for Intervention, giving a bottom in the November market of about £72/ t – todays levels.
Chinas planted acreage is expected to rise by 1.14% to 155 million hectares in 1998. Acreage of grain is expected to rise by 0.44% to 118 million hectares, with wheat falling by 100,000ha and corn rising by 510,000ha. Oil-bearing seed crops are expected to reach 13.038 million hectares, up 5.25%.
South Korea bought 102,000 tonnes of East European feed wheat last week at around $93 C+F for May/June.
Prices at Fridays
wheat futures close:
MONTH
Close
Change
MAY
74.75
+ 1.05
JULY
76.75
+ 1.05
SEP
74.75
+ 0.25
NOV
76.75
+ 0.25
JAN
78.75
+ 0.25
MAR
80.75
+ 0.25
Approximate commodity
values, £/ tonne, ex-farm:
April Class 1 milling 104/108
April feed wheat 67/69
April feed barley 70/72
Harvest feed wheat 67/69