Grain market update

10 March 1998

Grain market update

Tuesday 10 March

A quiet day saw sterling ease slightly and futures rally
50 pence before finding solid shipper selling. The market
was just off contract lows and profit taking in evidence.
Continental shippers were still bearish to both old and new
crop wheat ex UK. Their thoughts are of old crop
wheat trading at a discount to new crop wheat.

UKASTA trade survey is estimating the crop to be
one month earlier than average.

India could have to import up to 5 million tonnes of
wheat over the next year because of a poor
harvest;1.5 million has already been purchased
from Australia.

Morocco is to tender on Thursday for 170,000 mts of
optional origin wheat for April delivery. Algeria is
said to be tendering for 200,000 mts today.
Chicago finished 3 cents per bushel higher on weather
concerns and on news that Australia has almost sold
out of exportable wheat.

  • £1=DM 2.991 / FFr 10.003 / $ 1.637
  • French FOB spot wheat value: FFr 812.50 (£ 81.0)
  • Chicago December wheat at close: $3.29 (£ 72.35)

Prices at yesterdays
wheat futures close:

MONTH Close Change
MAR 76.75 +0.25
MAY 78.95 +0.45
JUL 80.95 +0.45
SEP 78.00 +0.25
NOV 80.00 +0.25
JAN 82.00 +0.25

    Approximate commodity
    values, £/ tonne, ex-farm:

    Class 1 milling102
    Feed wheat73
    Feed barley69

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