Currencies and grain trading

13 May 1998

Currencies and grain trading

Wednesday, 13 May, 1998

  • £1=DM2.901/FFr9.729/$1.634

  • French FOB spot wheat value: FFr 717.5 (£ 73.74)

  • Chicago July wheat at close: $3.04 (£ 68.27)

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 milling113
    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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