Grain market update
20 August 1997
Grain market update
Tuesdays trading – 19 August 1997
DESPITE stronger Sterling, the continued lack of farmers selling, plus support from the merchant/end user in the nearby positions, pushed futures to £0.75 higher in early trading. Correction should take place at some stage as we are now £4-£5 too expensive against the French on forward markets – but at present, we must move with the tide.
Spot wheat is still valued around £80/t ex-farm, with November being worth around £86 ex-farm. Barley is valued at £68-£70/t ex-farm.
Chicago finished a shade higher on the spillover from the strength in corn on Tuesday. Minneapolis also closed higher, September rising to its highest level for two months, supported mainly by concerns over the delayed harvest.
| MONTH | Close | Change |
|---|---|---|
| JUL | 0.00 | 0.00 |
| SEP | 86.00 | + 0.50 |
| NOV | 89.00 | + 0.50 |
| JAN | 91.00 | + 0.50 |
| MAR | 93.00 | + 0.50 |
| MAY | 95.00 | + 0.50 |