Currencies and grain trading

01 May 1998

Currencies and grain trading

Friday, 1 May, 1998

  • £1=DM2.999 / FFr10.049 / $1.672

  • French FOB spot wheat value: FFr 735.00 (£ 73.14)

  • Chicago May wheat at close: $3.01 (£ 66.06)

Brussels restitutions:

  • Wheat: 30,000 tonnes at Ecu21.97. (This values wheat at approx. $111/ t, FOB Rouen)
  • Barley: 185,000 tonnes at Ecu53.75

    The EU imposed a negative corrective of Ecu15/ t on shipments of barley from June to September and a negative corrective for wheat of
    Ecu5/ t from July to September.

    On the basis of the exchange rates from 23 to 30 April, the UK Green Pound is forecast to revalue on 3 May as the average RMG is above the 5% trigger at 5.148%. Based on these calculations, the new Green rate will be £0.677353=Ecu1. That would make the Intervention price for May 1998 £85.48 and for November, £81.41.

    Futures were down for the second day running as Sterling remained strong and the sentiment appears to have turned. There was some consumer support for July wheat.

    Prices at Thursdays
    wheat futures close:

    MONTH Close Change
    MAY 76.00 -1.00
    JULY 78.25 -0.75
    SEP 74.40 -0.60
    NOV 76.40 -0.60
    JAN 78.40 -0.60
    MAR 80.40 -0.60

      Approximate commodity
      values, £/ tonne, ex-farm:

      May Class 1 milling112
      May feed wheat72
      May feed barley70/72
      Harvest feed wheat70

  • Information provided by BDR Agriculture Ltd, Harvest House, 64 North Street, Bourne, Lincolnshire PE10 9AJ – click here for further details

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