Grain market mixed on weaker Sterling

Friday, 23 January, 1998

By FWi staff

IN a week which started with Sterling at a five-month high against the Deutschmark, it was hardly a surprise that the grain market closed with prices largely driven by currency.

But although the Pound was worth DM3.011 on Monday morning, it soon started to slide and by today had fallen to DM2.969.

Ex-farm feed wheat was trading down by £1 at about £74/ tonne this morning. Feed barley was selling for about £70/ tonne.

Ex-farm milling wheat prices, however, have firmed. East Anglian bread wheat is about £1.50 up on the week to £103.20.

The latest futures prices show wheat to be slightly up on the week. Early this afternoon, old-crop wheat was trading at £79.50/ tonne (March); £81.55 (May) and £83.50 (July). New crop-wheat is making £83.00/ tonne (November).

Very little barley is being traded, with more than 280,000 tonnes offered to intervention. New-crop barley futures are making £80.00/ tonne (November).

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