Grain market update
23 September 1997
Grain market update
Mondays trading – 22 September 1997
THE UK market fell yesterday as Sterling increased in value, but the FOB market seems to have found some support at lower levels. The delivered market was also supported in the October position, but buyers were reluctant to purchase wheat forward.
Feed wheat with fallbacks all the way was valued at £79-80/t ex-farm, with top-quality biscuit wheat commanding a £7-8/t premium. Class 1 milling wheat was valued at £107-111 ex-farm, depending on quality and location. Oilseed rape was valued at £156 ex-farm October, £160 ex-farm January.
Chicago finished lower on rain over the weekend in Australias wheat-growing region, and on good moisture, which is enhancing seeding conditions in the US hard red winter wheat-growing areas. The market shrugged off the news as Egypt bought 150,000m tonnes of wheat from the US.
| MONTH | Close | Change |
|---|---|---|
| SEP | 85.25 | -0.75 |
| NOV | 86.25 | -0.75 |
| JAN | 88.20 | -0.80 |
| MAR | 90.15 | -0.85 |
| MAY | 92.15 | -0.85 |
| JUL | 94.15 | -0.85 |