Grain market update
05 September 1997
Grain market update
Thursdays trading – 4 September 1997
A ROLLER-COASTER ride with futures initially higher as Sterling weakened, followed by a rally in Sterling and slightly weaker futures. Spot wheat is still very tight, with very little farmer-selling and good consumer demand, mainly in the North. Further forward, we are still £6-7 too expensive against other origins on 72kg vessels, without even contemplating where we would need to be on 68kg vessels.
Spot feed/biscuit wheat was valued at £80-86 depending on quality. Spot barley was valued at £73-75 depending on proximity to ports.
There was good interest in class 1 milling, with immediate values at £105-6 ex-farm, depending on quality. Oilseed rape was slightly firmer, with September valued at around £152 ex-farm.
Chicago finished lower with further reports of rain in Eastern Australia and limited export enquiries playing the major part in weakening the market.
| MONTH | Close | Change |
|---|---|---|
| JUL | 0.00 | 0.00 |
| SEP | 86.50 | -0.35 |
| NOV | 88.00 | -0.25 |
| JAN | 90.00 | -0.25 |
| MAR | 92.00 | -0.25 |
| MAY | 94.00 | -0.25 |