Grain market update

12 March 1998

Grain market update

Thursday 12 March

Sterlings strength put both old and new crop wheat under selling pressure. At £1 down, there was profit taking. What will
happen when the farmer comes to market?

Chicago finished 5 to10 cents/bushel higher. There is a chance some US soft red winter wheat could have been damaged in the recent cold
spell. Wheat was supported by the news that Jordan may have
bought up to 1 million mts US wheat.

Saudi Arabia has finalised a deal for 1.05 million tonnes of feed barley at
$100 C & F (£60 per tonne). It is reported that some of the cargoes
were already afloat.

Algeria has purchased 150,000 mts optional origin wheat at around $144
C & F (£87.37) . The origin is thought to be Sweden or Germany as the
quality would be impossible from the UK.

Intervention – 747,000 mts of French barley has been offered into
Intervention which compares to 844,000 mts from the UK.

  • £1=DM3.018/FFr10.118 / $1.648
  • French FOB spot wheat value: FFr 812.50 (£80.30)
  • Chicago December wheat at close: $3.39 (£74.05)

Prices at yesterdays
wheat futures close:

MONTH Close Change
MAR 75.10 -0.70
MAY 77.10 -0.90
JUL 79.10 -0.80
SEP 77.00 -0.15
NOV 79.00 -0.15
JAN 81.0 -0.15

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

    Class 1 milling101
    Feed wheat71
    Feed barley68

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