16 September 1997
Grain market update
Mondays trading – 15 September 1997
DESPITE a drop in Sterling, the futures market showed little sign of wanting to firm and, towards the end of the day, eased off to finish 10p down. The demand for wheat is still in the spot month where the market on feed/biscuit wheat is £80-90/t ex-farm, depending on quality and location. Premiums may not remain at these levels over the coming months as more grain becomes available.
Class 1 milling is still in demand for September, with values of £106-110, depending on location and quality.
Oilseed rape was valued at £152-153 ex-farm.
Feed barley was valued at £72-75 ex-farm.
Chicago finished lower on persistent reminders of the large supply of wheat worldwide. USDA estimates 1997/98 world ending-stocks at 122.42 million tonnes, v 107.9 million in 1996/97.