Currencies and grain trading

11 June 1998

Currencies and grain trading

Thursday, 11 June, 1998

• £1=DM2.927 / FFr9.82 / $1.629
  
  
• French FOB spot wheat value: FFr 720 (£ 73.31)
  
  
• Chicago July wheat at close: $2.78 (£ 62.63)

THE market reacted to the strength of Sterling and, at one stage, new-crop traded down £1.35/ tonne.


French cereals office ONIC yesterday revised its forecast for 30 June EU intervention stocks. Total intervention stocks are now forecast to rise to 14.7 million tonnes v 2.4m last year.