Green Markets

EWN Publishing

Wheat contracts in Paris, London and Chicago make record highs: $427/tonne, $429/tonne and $9.55/bushel respectively

Posted by gmarkets on 3 September, 2007

Wheat prices surged more than 5 per cent on 30 August to a record high, while global wheat inventories had fallen to their lowest level since 1979, reported The Australian (1/9/2007, p. 40). Paris milling, London feed contracts both rise sharply: November milling wheat on Euronext.Liffe in Paris jumped €12.25 or 5 per cent to €256.75 ($427) a tonne, the highest since the contract was launched in 1998. In London, Euronext.Liffe November feed wheat jumped £9, or 5.4 per cent, to a record £175 ($429) a tonne. The London-based contract had risen 35 per cent in August.

CBOT also heads higher: “I had people on my team that have been trading wheat for 30 years and they had never experienced a similar market,” a Europe-based trader said. Chicago Board of Trade December wheat hit a record high of $US7.88 a bushel in overnight trading. On Thursday it was trading at $US7.86 ($9.55) a bushel, a rise of 27c, or 3.6 per cent, on the day.

The Australian, 1/9/2007, p. 40

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