19 September 1997
Grain market update
Thursdays trading – 18 September 1997
Thursday was a quiet day, with Sterling improving 4 pfennigs and futures responding by falling almost £1/t. There is still a good demand for spot biscuit wheat, with as much as £90/t being paid for 76kg Riband and Consort. Class 1 is also sought-after for prompt delivery at £106-111/t ex-farm, depending on location and quality.
Oilseed rape showed signs of improvement early yesterday as £160/t ex-farm for December was paid – £30 up from harvest levels.
Chicago finished slightly lower as the news of 50,000 tonnes free market soft wheat restitutions was seen as the start of an aggressive export programme by the EU – it would need to be more like 400,000 tonnes/week for that to be the case.