Currencies and grain trading

16 April 1998

Currencies and grain trading

Thursday, 16 April, 1998

• £1=DM3.037 / FFr10.182 / $1.682
  
  
• French FOB spot wheat value: FFr 740.00 (£ 72.67)
  
  
• Chicago May wheat at close: $3.05 (£ 66.54)

Futures:


FOR most of the day, futures traded around 25p up but, as Sterling eased prior to the close, further buyers emerged to push futures a further 50p higher. Sterling then firmed after the close from DM3.026 to DM3.032.
Class 1 milling wheat strengthened once again as shorts scrambled for the few farm offers made and prices reached a high of £108 ex-farm for April.


Chicago finished 1-4¢/bushel higher, tied to technical signals that the market was oversold, and on reports of cold weather in the US Great Plains.