Wheat futures up on weaker Sterling

Thursday, 5 February, 1998

By FWi staff

WHEAT futures climbed today (Thursday) after the Bank of England decided to leave interest rates unchanged.

A two-day meeting of the Monetary Policy Committee decided the base rate for borrowings would remain at 7.25%.

LIFFE futures rose in response by £0.70 to £81.40/ tonne (March) and £83.40/ t (May). But trade continued to be thin with no lots traded for other months.

The market for ex-farm wheat remains mixed, despite a weakening of Sterling.

Wheat was selling for a spot price about £75/ t this afternoon, even though the Pound had slipped almost 2 pfennigs against the D-Mark to DM2.962 by midday.