Currencies and grain trading

29 April 1998

Currencies and grain trading

Wednesday, 29 April, 1998

• £1=DM2.994 / FFr10.030 / $1.667
  
  
• French FOB spot wheat value: FFr 740.00 (£ 73.77)
  
  
• Chicago May wheat at close: $3.00 (£ 64.78)

Futures:


ONE or two vessels are presenting themselves for immediate shipment, but overall the outlook for May-July has not changed. We are now entering the period when farm estimates are either too low or too high; it could be an even bigger problem this year, with bushels covering a greater range than last.