OLD-CROP wheat futures fell £0.65/ tonne this morning as Sterling reached a five-month high against the Deutschmark.
The Pound hit DM3.01 – its highest level since last August – soon after trading opened. Wheat contracts dipped to £77.00/ tonne (January); £78.50 (March); £80.50 (May); and £82.50 (July).
The spot market started nervously but ex-farm wheat prices remained steady, staying above £101/ tonne across the country.
Traders say a lack of Class One bread-making wheat is helping to prevent a slide in cash prices for grain. Milling premiums range from £20-26/ tonne over the feed, depending on quality.
Ex-farm East Anglian bread wheat opened trading this morning at £101.70/ tonne.
Other opening wheat prices were £101.30/ tonne (South-east); £102.00 (South-west); £103.70 (Midlands); and £104.70 (North-west). Prices for Scotland were unavailable.