Wheat futures steady as Sterling falls

By FWi staff

WHEAT prices closed higher on Friday, after a rollercoaster week which saw Sterling reach a 10-year-high against the Deutschmark of DM3.10.

The Pound eventually weakened to end the week at DM 3.06. According to the Home-Grown Cereals Authority, that prompted merchants to cover short-term demand and helped prices to steady.

Ex-farm supplies climbed by about £2/ tonne. Bread wheat is currently trading at £101/ tonne (South-east), £102 (South-west, East Anglia), £103 (Midlands), £105 (North-east, North-west).

New-crop wheat futures also gained. Friday saw contracts traded for £76.60 (July), £76.50 (September), £78.50 (November), £80.50 (January 1999), £82.50 (March 1999), and £84.50 (May 1999).

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