Currencies and grain trading

23 June 1998

Currencies and grain trading

Tuesday, 23 June, 1998

• £1=DM3.00 / FFr10.058 / $1.672
  
  
• French FOB spot wheat value: FFr 690 (£ 68.60)
  
  
• Chicago July wheat at close: $2.86 (£ 62.77)

OLD-CROP wheat trading is becoming more of a game each day, with both longs and shorts trying to manipulate the market to their advantage. New-crop reacted to stronger Sterling but, with levels almost at contract lows and several consumers looking to take small amounts of cover, it should not fall too far in the short term.