Currencies and grain trading


20 April 1998


Currencies and grain trading


Monday, 20 April, 1998

  • £1=DM3.044 / FFr10.200 / $1.683

  • French FOB spot wheat value: FFr 745.00 (£ 73.03)

  • Chicago May wheat at close: $3.03 (£ 66.03)



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 milling104/108
    April feed wheat67/69
    April feed barley70/72
    Harvest feed wheat67/69




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