Grain market update
18 March 1998
Grain market update
Monday 17 March, 1998
BUDGET Day saw Sterling up, down, and finally up again – after the close. Futures initially looked weaker but, with the uncertainty over the
direction of Sterling, profit-takers entered the market and futures finished marginally up on the day.
The Intervention Board reports a total of 991,713 tonnes of barley offered and, with the possibility of a green rate revaluation in early May, the total offered could reach 1.2 million tonnes by the end of April.
Chicago finished 1-3¢/bushel higher on fund buying as the forecast remains unchanged for wet and cool weather to continue in the US
south-east and Mid-West.
New-crop Class 2 premium is £4-5/ tonne
Prices at Fridays
wheat futures close:
MONTH
Close
Change
MAR
74.85
+ 0.35
MAY
76.85
+ 0.35
JUL
78.85
+ 0.35
SEP
77.25
+ 0.65
NOV
79.25
+ 0.65
JAN
81.25
+ 0.65
Approximate commodity
values, £/ tonne, ex-farm:
March Class 1 milling 101
March feed wheat 70
March feed barley 66
Harvest feed wheat 70/71