Grain market update

20 March 1998

Grain market update

Thursday 19 March, 1998

THE FOB market continued to struggle along without any real future – 72kgs traded at £74.75 FOB for March, which implies an ex-farm price of between £66 in the Midlands and £69 closer to the
ports. The only support on new crop is from the compounding trade, who are holding export prices artificially high.

The Intervention Board reports a total of 1.022 million tonnes of barley being offered into intervention and, with the possibility of a Green Rate revaluation in early May, the total offered could reach 1.2m tonnes by the end of April.

French Intervention offers now exceed a million tonnes, which include 821,000 t of barley and 15,000 t soft wheat.

Chicago finished 3/3¢/bushel lower as export numbers are poor, and on news of heavy snowfall in the US Great Plains.

  • £1=DM 3.047 / FFr 10.21 / $ 1.663
  • French FOB spot wheat value: FFr 807.50 (£ 79.08)
  • Chicago December wheat at close: $3.31 (£ 71.65)

Prices at Fridays
wheat futures close:

MONTH Close Change
MAR 74.00 -0.15
MAY 75.50 -0.50
JUL 77.50 -0.50
SEP 76.25 -0.50
NOV 78.25 -0.50
JAN 80.25 -0.50

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

    March Class 1 milling101
    March feed wheat70
    March feed barley66
    Harvest feed wheat70/71

    New-crop Class 2 premium is £4-5/ tonne

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