Old-crop wheat futures rise in technical market

Tuesday, 25 May, 1999

  • OLD-CROP wheat futures rose by £1.25/t in a technical market. Activity was mainly confined to trading against futures. Old-crop prices are artificially high; it is difficult to fulfil nearby demand, with limited supplies available.
  • NEW-CROP wheat improved by 75p/t on last weeks values, in response to a firm French market.
  • UK grain markets experienced another quiet trading week. With most traders attending a dinner in London, little business was done particularly towards the end of last week.
  • MARKET fundamentals remain, however, bearish. Despite a decrease in the wheat area, a large French wheat crop is expected to be harvested this year, limiting current buying interest on new crop positions.
    Taken from HGCA weekly MI Bulletin
    To contact the HGCA phone 0171-520 3972

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