Currencies and grain trading

• Euro=£0.714

• £1=DM2.738 / FFr9.17 / $1.655
  

• FOB Rouen January wheat value: FFr 750.00 (£81.78)
  

• Chicago March wheat at close: $2.79 (&#163:61.86)

THE introduction of the Euro has seen Sterling fall from DM2.80 last week to DM2.738 yesterday. Under normal circumstances, UK wheat prices should have risen by £2.10, but have only managed a 60p rise.

The French and Moroccan governments are reported to have reached agreement on the supply of 500,000t of soft wheat from France for 1999 under COFACE-backed credit. At this stage it is uncertain as to whether the agreement will be ratified before the forthcoming tender for 60,000t of wheat on 6 January.