Currencies and grain trading
13 May 1998
Currencies and grain trading
Wednesday, 13 May, 1998
TUESDAY saw a flat market, with very little interest from either side and looking for fresh direction. New-crop fundamentals have not changed and a 16.2 million tonne wheat crop still looks likely.
European malt exporters are preparing for a tough season, with Canada already setting a hot pace by selling malt at around $280/ t CIF to Costa Rica, well below EU values of $325/ t. EU sources blame the Canadian Wheat Board for selling the malting barley to the malsters at around $126/ t ie £77/ t.
Moroccan wheat imports are estimated to fall by 400,000 tonnes this coming season, to 1.8 million tonnes.
UK intervention barley offers have reached 1,243,286 tonnes.
Prices at Tuesdays
wheat futures close:
MONTH
Close
Change
MAY
78.75
+ 0.75
JULY
80.15
+ 0.15
SEP
78.15
+ 0.15
NOV
80.15
+ 0.15
JAN
82.15
+ 0.15
MAR
84.15
+ 0.15
Approximate commodity
values, £/ tonne, ex-farm:
May Class 1 milling 113
May feed wheat 72
May feed barley 70/72
Harvest feed wheat 70