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.
Prices at yesterdays
wheat futures close:
values, £/ tonne, ex-farm:
Class 1 milling 101
Feed wheat 71
Feed barley 68