WHEAT prices closed today slightly down on this time last week – but only just. Trade was quiet and UK merchants continue to await details of last weeks Bangladeshi order for about 75,000 tonnes of wheat.
Ex-farm bread wheat fell £1 to end the week at £101/ tonne. But futures contracts for May eased by only 15p to £80.75/ tonne, despite an increase in the strength of Sterling.
The Pound has climbed by 2 pfennigs since last Friday to DM2.983. But July futures also fought back and also lost only 15p to £82.75/ tonne.
The new-crop market was slightly harder hit. Futures contracts dropped 50p over the week to £81.90 in a market which continues to be currency-driven. Futures for March 1999 closed at £85.90, even though latest reports suggest that the 1998 global wheat harvest will be the largest ever.