09 September 1997
Grain market update
Mondays trading – 8 August 1997
FUTURES opened 50p higher yesterday as Sterling lost ground, but soon found resistance and in the afternoon session fell by 75p, to finish 25p down on the day.
Good premiums were still being paid for quality biscuit wheats and Group 1 and Group 2 milling wheats, as harvesting in the North is not yet completed and quality in most areas is very poor. Some end-users are now prepared to buy wheats up to Christmas at what seem good levels against export – UK market £6-7/t too expensive compared with the French.
- Spot feed/biscuit wheat: £82-87/t
- Spot milling wheat: £103-106/t
- Spot Oilseed rape: £154/t
- Peas and beans: Large blues are getting a small premium and Victor beans are wanted at a £5/t premium.
Chicago finished weaker as reports were received of better weather in Australia and of Egypt cancelling a tender for 100,000t of U.S wheat