Grain market update

17 February 1998

Grain market update

Mondays trading – 16 February 1998

CONFIRMATION of the sale to Bangladesh, possibly including 70,000 t to be shipped from the UK ex-Cardiff and Tilbury, sparked shippers into short covering on the futures and new crop, underpinned by consumers.

However, a potential share of the Bangladesh sale is probably not enough to lift the spirits of UK exporters, one trader said yesterday. Trade estimates put wheat exports at 2.2m tonnes by the end of February, leaving approx. 1.3m tonnes to export by the end of July .

Chicago finished 2¢/bushel lower.

• £1=DM 2.975 / FFr 9.972 / $ 1.640
  
• French FOB spot wheat value: FFr 827.50 (£ 82.98)
  
• Chicago December wheat at close: $ 3.27 (£ 71.78)