Wheat gains on lower US plantings

By FWi staff

WHEAT futures finished higher yesterday for new-crop supplies, following estimates that US plantings are down on last year.

New-crop wheat for all months gained 40p to close at £75.00 (September), £77.00 (November), £79.00 (January 1999), and £81.00 (March 1999). A total of 238 lots were traded.

The latest USDA report suggests that this years wheat plantings are down by 6%. The area of winter wheat is 4% lower than on last season. Spring wheat plantings are 16% lower.

Old-crop wheat futures were unchanged at £72.25 (May) and £74.25 (July).

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