19 August 1997
Grain market update
Mondays trading – 18 August 1997
WITH a distinct lack of farm selling, buyers need to cover immediate shorts and weaker Sterling pushed futures £1.40 higher in the morning session. Spot wheat is now valued at £77-£80/t ex-farm with barley still valued at £68-£70/t ex-farm.
Yields appear to be on average 0.5mt/acre down on last year and the crop estimates at present are 14-14.8 million tonnes.
Chicago finished unchanged to 3¢/bushel higher on world weather worries and talk that Egypt might soon enter the market for another quantity of wheat.